MrBeast Under Fresh Scrutiny After Report Cites Crypto Pump-and-Dump Schemes
Jimmy Donaldson, a popular YouTuber under the acclaimed moniker MrBeast, is in the middle of another scandal based on an in-depth report examining the influencer's cryptocurrency dealings.
A report published on Oct. 29 by several crypto sleuths reveals the content creator's alleged involvement in several crypto pump-and-dump operations that could have netted him millions in profits at the expense of his followers.
The investigation found that over 50 cryptocurrency wallets allegedly operated by MrBeast had been functioning, with his suspected Binance account having processed over $13 million in single transactions.
In addition, analysts uncovered several particular examples of suspicious trading patterns, among which is a highly controversial case regarding SuperFarm Tokens, or SUPER. In February 2021, Donaldson allegedly received one million SUPER tokens, then sold them for approximately $9 million after he promoted the cryptocurrency to his vast base of 320 million subscribers.
Similar patterns then came to light with other cryptocurrencies, including the Polychain Monsters and Ethernity Chain. The investigation pointed out that the operation involves first promoting these relatively unknown tokens, only to quickly sell them off once the price rallies. Preliminary findings indicate that MrBeast could have made a minimum of US$10 million from the practices.
According to an investigation that looked at its findings, MrBeast has used several exchanges, including Gemini, and taken advantage of numerous wallets for various purposes, from selling tokens to farming and holding.
