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YouTuber MrBeast earned over $10m promoting low-cap tokens, on-chain crypto investigator says
MrBeast, a YouTube entertainer with over 320 million followers, has come under scrutiny following an on-chain investigation that suggests he may have earned millions from low-cap crypto. Â
According to the anonymous crypto sleuth known as SomaXBT, MrBeast whose real name is Jimmy Donaldson earned over $10 million from backing Initial DEX Offerings (IDOs) for projects like Polychain Monsters (PMON) and Virtue Poker (VPP).
Itâs an ethical red flag, SomXBT says, equating it to a pump-and-dump scheme. By promoting the tokens to millions of followers, only to sell them after their value surges, causes regular investors to suffer a loss.
âThis is the shady stuff theyâve all done in the crypto market,â SomXBT stated on X, referring to social media influencers. â[If] they had done this in the stock market, the SEC would be after them.â
SomaXBT uses on-chain data to track to increase transparency and hold the crypto community accountable. His work, evident in his Oct. 11 posts, highlights the risks of influencer-backed token promotions.
According to the investigation, Donaldsonâs involvement spans several projects, including SuperFarm ($SUPER), Polychain Monsters ($PMON), SPLYT ($SHOPX), STAK, and Virtue Poker ($VPP).
The analysis is based on wallet activity labeled as âMr. Beastâ on Arkham Intelligence
One of the most important involvements was alleged to be the $SUPER token by SuperFarmDAO. SomaXBT claims that Donaldson invested $100,000 and subsequently received 1 million $SUPER tokens.
The investigation alleges that these tokens were later sold for approximately 1,900 ETH, worth about $3.7 million at the time.
Additional vested tokens reportedly netted the YouTube star another $5.5 million. This allegedly brought his total earnings from $SUPER to around $9 million.
Similar patterns were observed with other tokens. SomaXBT stated that in the case of $PMON, a $25,000 investment allegedly resulted in $1.7 million in profits
