YouTuber MrBeast Faces Scrutiny for Making Millions from Low-Cap Token Promotions

• An investigation by crypto sleuth SomaXBT revealed that MrBeast participated in several Initial DEX offerings and token promotions, executing a classic pump and dump.
• Notable projects involved in the investigation include SuperFarm ($SUPER), Polychain Monsters ($PMON), and SPLYT ($SHOPX), with some tokens experiencing drops of over 90% following MrBeast’s departure.

Popular YouTube star Jimmy Donaldson, famously known as MrBeast, is facing strong accusations of minting over $10 million through a pump-and-dump scheme for several low-cost cryptocurrencies available in the market.

These accusations came following an on-chain investigation conducted by crypto sleuth SomaXBT. He noted that MrBeast had participated in several Initial DEX offerings (IDOs) along with token promotions for several different projects. Following his endorsements, the YouTuber cashed out huge profits after the surge in token prices.

The projects reportedly involved include SuperFarm ($SUPER), Polychain Monsters ($PMON), SPLYT ($SHOPX), and others, with some tokens plummeting over 90% in value following MrBeast’s departure. This is an example of a classic “pump and dump” scheme.

In a public thread on Twitter SomaXBT has shared details of the traces involving MrBeast activities via a wallet associated with him, per the Arkham Intelligence. The sleuth shared several instances where MrBeast invested relatively small amounts of tokens via private deals, only to sell them later as public trading surged.

One of the most notable cases involves the SuperFarm ($SUPER) token, a project supported by Elliot Trades.

According to SomaXBT, MrBeast invested $100,000 in the project, receiving 1 million $SUPER tokens in exchange. After his investment, the token price soared, and on March 30, 2021, MrBeast allegedly transferred his $SUPER tokens to a secondary wallet, where they were sold in a series of trades totaling 1,900 ETH (approximately $3.7 million at that time).

The investigator further claimed that MrBeast received additional $SUPER tokens through a vesting contract, which he later sold for another $5.5 million, bringing his total earnings from the project to around $9 million.

3/ Here's the proof he invested only $100k in SuperFarmDAO. In a screenshot from @elliotrades live stream, he accidentally revealed a DM conversation with MrBeast about the $100k investment. Later, this matched with MrBeast's wallet activity, where he sent $100k to a new wallet.… pic.twitter.com/yxfW0aZcuJ

— SomaXBT (@somaxbt) October 11, 2024

MrBeast Crypto Wallets Under Investigation

SomaXBT dug deeper into other crypto transactions linked with MrBeast crypto wallets such as his involvement with Polychain Monsters ($PMON), another low-cap token project.

The YouTuber invested a total of $25,000 and in return received 25,000 $PMON tokens. Later on March 31, 2021, his associated wallets transferred the tokens to another wallet while selling in a series of trades totaling 685 ETH approximately worth $1.3 million.

The investigation reveals that MrBeast received additional allocations of $PMON tokens, ultimately earning around $1.7 million from this investment.

Additionally, the investigation from SomaXBT outlines MrBeast’s participation in other token projects, such as SPLYT ($SHOPX), where he reportedly invested $25,000 and earned $765,000 after selling his allocation. He is also said to have made $1.25 million from $STAK tokens, although the specifics of this transaction were not as thoroughly documented as the others.

11/ $STAK by @jigstack$STAK is another token where MrBeast reportedly made $1.25 million by selling his allocation. While no direct on-chain transactions for $STAK are found, two Binance deposits (150k USDT and 100k USDT) closely match the timing of his allocation.

– On… pic.twitter.com/2XZazhll18

— SomaXBT (@somaxbt) October 11, 2024

SomaXBT highlights the ethical concerns surrounding these transactions, suggesting that MrBeast’s actions resemble those seen in pump-and-dump schemes.

The investigation notes that many of these projects experienced substantial price drops following MrBeast’s alleged sell-offs. For example, $SUPER has declined by 75% from its peak, while other tokens, such as $PMON and $SHOPX, have faced even steeper losses, with some plummeting over 90%.