After an on-chain investigation that revealed MrBeast, a YouTube entertainer with over 320 million followers, may have made millions using low-cap cryptocurrency, he has come under fire.
MrBeast, whose real name is Jimmy Donaldson, reportedly made over $10 million by supporting Initial DEX Offerings (IDOs) for projects like Virtue Poker (VPP) and Polychain Monsters (PMON), according to the anonymous crypto detective SomaXBT.
SomXBT calls it an ethical red flag, likening it to a pump-and-dump strategy. Regular investors lose money when tokens are promoted to millions of followers only to be sold when their value soars.
On X, SomXBT said of social media influencers, “This is the shady stuff they’ve all done in the crypto market.” “The SEC would have pursued them if they had engaged in this behavior in the stock market.”
To improve transparency and hold the cryptocurrency community responsible, SomaXBT tracks using on-chain data. His work emphasizes the dangers of influencer-backed token promotions, as seen in his posts from October 11.
The relationship between MrBeast and SUPER
The inquiry reveals that Donaldson is involved in other initiatives, including as Virtue Poker ($VPP), SuperFarm ($SUPER), Polychain Monsters ($PMON), SPLYT ($SHOPX), and STAK.
The research is predicated on Arkham Intelligence wallet behavior identified as “Mr. Beast.”
This is evidence that he only contributed $100,000 to SuperFarmDAO. He unintentionally disclosed a direct message exchange with MrBeast regarding the $100,000 investment in a screenshot taken during @elliotrades’ live stream. This later coincided with MrBeast’s wallet activity, in which he transferred $100,000 to a different wallet. – pic.twitter.com/yxfW0aZcuJ
SuperFarmDAO claimed that the $SUPER token was one of the most significant involvements. According to SomaXBT, Donaldson earned one million $SUPER tokens after investing $100,000.
According to the inquiry, these tokens were later sold for nearly 1,900 ETH, which at the time was equivalent to about $3.7 million.
According to reports, the YouTuber made an additional $5.5 million from more vested tokens. According to reports, this increased his overall $SUPER earnings to over $9 million.
With other tokens, same trends were noted. According to SomaXBT, a $25,000 investment in $PMON is said to have generated $1.7 million in returns.
An initial investment of $25,000 apparently returned $765,000 in the $SHOPX token. Additionally, the study indicates that $1.25 million was made using $STAK tokens.
Many of these projects have since experienced significant devaluations, with some seeing price reductions of over 90% from their peak, according to SomaXBT. After suffering significant losses, some projects have changed their names or taken a different approach.
Additionally, SomaXBT reminded the community of MrBeast’s prior support for NFTs, or non-fungible tokens. According to a tweet screenshot, Donaldson explicitly admits that he filled up on Vee pals and mentions Gary Vee.
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