MrBeast Token Scandal Accuses YouTuber of Crypto Fraud

Key Points:

• MrBeast token scandal surfaces as SomaXBT alleges he profited over $10M from promoting and dumping low-cap crypto projects.
• Accusations in the MrBeast token scandal claim he used pump-and-dump tactics, leaving retail investors with major losses after selling promoted tokens.

MrBeast faces allegations of profiting $10M through low-cap token schemes. The MrBeast token scandal involves pump-and-dump tactics across various crypto projects.

MrBeast Token Scandal Uncovered

MrBeast, one of YouTube’s most popular personalities, was accused by crypto investigator SomaXBT of making more than $10 million off low-cap token schemes now associated with the so-called MrBeast token scandal. SomaXBT accused him of showing that MrBeast’s wallet transacted through Arkham Intelligence data in suspicious trades, according to Cryptonews.

SomaXBT claimed that MrBeast shilled several IDOs, including SuperFarm ($SUPER), Polychain Monsters ($PMON), and SPLYT ($SHOPX). Having hyped such tokens and driven their prices higher, MrBeast then allegedly sold large quantities of each at peak value, leaving many retail investors facing severe losses as token prices crashed by 90% or more.

Read more: IShowSpeed ​​Net Worth: Famous YouTuber With Many Controversies

How MrBeast Allegedly Profited from Pump-and-Dump Schemes

What the investigation by SomaXBT does show is a few notable events. MrBeast allegedly invested $100,000 in SuperFarm ($SUPER) and for that received 1 million tokens. He then, when the token’s price soared, moved that to another wallet and sold them in batches, bringing him 1,900 ETH valued at $3.7 million at that moment. Then he again sold his vested tokens to make $5.5 million. In total, he had made $9 million profit from the project.

Following the same pattern, it is reported that MrBeast’s involvement with Polychain Monsters ($PMON) is one in which he invested $25,000, then sold 25,000 tokens for 685 ETH (~1.3m). Other cases reported include profits from SPLYT ($SHOPX) and STAK where MrBeast earned $765,000 and $1.25 million.

These activities have been pursued by ethical concerns regarding the roles of influencers within the crypto space, as SomaXBT suggests MrBeast’s behavior reflects classic pump-and-dump schemes, which is influential figures hyping up tokens only to sell them at inflated prices in which retail investors end up with losses.

The whole scandal reminds people of many other scandals with other influencers, such as Andrew Tate and Iggy Azalea, who had accused them of manipulating markets for the promotion of cryptocurrencies. Once more, it instigated debates over the need to establish more strict regulations over such practices within the crypto ecosystem.