Famed content creator MrBeast is accused of participating in cryptocurrency pump-and-dump schemes. An investigation by blockchain analyst SomaXBT claims MrBeast has allegedly earned over $10 million from such activities.

Accusations Against MrBeast

MrBeast, one of YouTube’s top creators, is accused of participating in cryptocurrency pump-and-dump schemes. These accusations were made by blockchain investigator SomaXBT on the social media platform X. According to SomaXBT, MrBeast 'allegedly made over $10 million by backing low-cap IDO crypto tokens promoted by influencers like Lark Davis, CryptoBanter, and KSI.'

Details of SomaXBT's Investigation

According to SomaXBT's investigation, MrBeast invested $100,000 in a project called SuperFarmDAO and used his influencer status to boost the project's SUPER token before selling off his shares. SomaXBT alleges that MrBeast converted millions of dollars of SUPER into Ether (ETH), profiting over $9 million by moving funds through several wallets. He also accuses MrBeast of similar activities with other projects, including Polychain Monsters, STAK, VPP, and SHOPX.

Crypto Community Reaction

This situation has become part of a broader discussion within the cryptocurrency community about the harmful effects of pumping and dumping low-cap tokens. Many in the industry believe that such schemes undermine trust in cryptocurrencies. Messari data engineer Mike Kremer criticized such practices, stating they destroy value for both the projects involved and the broader crypto sector. He explained: 'Here, insiders or cartels create tokens, hype them up, and lure retail investors into bidding on these “revolutionary” assets.'

It remains unclear whether MrBeast intentionally or unintentionally participated in these projects without any long-term commitments. However, discussions within the crypto community on the need for transparency and honesty in this sphere continue.