MrBeast Faces Allegations of Profiting from Cryptocurrency Pump-and-Dump Schemes
YouTube sensation MrBeast has come under fire for allegedly profiting from cryptocurrency schemes that may have earned him over $10 million.
These accusations surfaced from blockchain investigator SomaXBT on the platform X.
SomaXBT claims that MrBeast invested in low-cap Initial DEX Offering tokens, which were promoted by influencers like Lark Davis and KSI. Specifically, he is said to have put $100,000 into SuperFarmDAO, using his massive following to inflate the price of its SUPER token before cashing out. This transaction reportedly allowed him to convert millions in SUPER into Ether, resulting in a profit exceeding $9 million.
The investigation also implicates him in similar activities with projects such as Polychain Monsters and STAK.
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The question of whether MrBeast knowingly misrepresented his commitment to these ventures remains unanswered, but these allegations highlight a growing concern within the cryptocurrency community. Many experts criticize pump-and-dump tactics as harmful to both individual projects and the broader market.
Mike Kremer, a data engineer at Messari, pointed out that these practices erode value for projects and mislead retail investors, while blockchain investigator ZachXBT has also denounced influencers for enabling such schemes.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
