• MrBeast’s alleged $23M crypto profits highlight risks for investors as influencers pump and dump low-cap tokens, triggering steep losses.

  • SuperVerse’s 50x price spike and sudden sell-off by MrBeast reportedly left investors with massive losses, sparking community backlash.

  • Celebrity-backed crypto ventures on Solana saw initial buzz, but most dropped over 90%, showing high risks in hype-driven tokens.

MrBeast, a prominent influencer with over 31.2 million followers, is embroiled in allegations of manipulating crypto markets, amassing profits exceeding $23 million. According to crypto investigator SomaXBT, MrBeast reportedly misled investors, used his influence to pump tokens, and later dumped them, reaping substantial gains. 

The controversy centers around several low-cap tokens, including SuperVerse ($SUPER), Eternity Chain ($ERN), and PolyChain Monsters ($PMON), where investors faced losses of up to 90% after price crashes.

https://twitter.com/lookonchain/status/1851672470924988755 How MrBeast Allegedly Profited from SuperVerse

One of MrBeast’s notable transactions involved SuperVerse, formerly known as SuperFarm, which he promoted heavily. His public support coincided with a 50x price increase, sparking widespread excitement among early investors. 

However, controversy soon emerged as he allegedly sold 1 million SUPER tokens, netting $7.5 million. Additionally, reports suggest MrBeast received subsequent token unlocks, accumulating total profits from SUPER at $11.5 million.

SomaXBT’s investigation claims MrBeast coordinated with other influencers, like EllioTrades, to elevate SUPER’s value artificially before quickly offloading his holdings. The rapid sell-offs left investors with heavy losses and raised concerns about his intentions.

A Network of Linked Wallets Raises Red Flags

The investigation by SomaXBT, with blockchain analysts Kasper Vandeloock and Hxnterson, tracked a network of wallets linked to MrBeast’s main account. These wallets, verified through public statements by MrBeast, reportedly funneled substantial crypto assets into his primary wallet. Consequently, analysts suggest coordinated efforts were in place to manage transactions and maximize profits from these crypto tokens.

Besides SuperVerse, other tokens like Eternity Chain and PolyChain Monsters reportedly enriched MrBeast’s main wallet, netting him an estimated $4.6 million and $1.7 million, respectively. Additionally, loock.io’s findings point to ongoing coordinated sales with other influencers, further driving token prices before massive sell-offs.

Celebrity Influence on Solana's Meme Coins

Mainstream celebrities’ entry into Web3 has left many retail investors disillusioned. Recently, Solana has seen an influx of celebrity meme coins, but most tokens, despite initial hype, have plunged drastically. In June alone, 30 celebrity-backed tokens launched on Solana; many have since lost 90% of their value.

This scandal adds fuel to the debate over ethical practices within the influencer-driven crypto market. MrBeast’s involvement emphasizes the need for transparency and raises questions about the potential risks faced by retail investors in celebrity-promoted projects.

The post MrBeast Faces $23M Allegations in Crypto Pump-and-Dump Schemes appeared first on Crypto News Land.