A popular YouTube Crypto superstar, MrBeast, aka James Donaldson, is facing one of his toughest controversies regarding insider trading allegations.
A recent investigation has tied the influencer to a series of alleged crypto “pump-and-dump” schemes. He reportedly profited from promoting and selling low-cap tokens in collaboration with other major online personalities in these schemes.
MrBeast Under Scrutiny: Crypto Pump-and-Dump Allegations Rock the YouTube Star
The allegation began with a report by crypto investigator SomaXBT, who shared findings on X that suggested MrBeast had allegedly pocketed over $10 million from low-cap IDO (initial DEX offering) tokens that later lost value.
An investigation into @MrBeast's crypto activities and how he profited over $23M from a multitude of scams, shady deals & his network
in collaboration with @hxnterson @angelfacepeanut @somaxbt @rfparsonhttps://t.co/xocBH9X8PM— Kasper Vandeloock (@KasperLoock) October 30, 2024
The tokens, promoted heavily by influencers like Lark Davis and CryptoBanter, reportedly left investors facing massive losses as prices plummeted following high-profile sell-offs.
SomaXBT’s initial findings quickly gained attention. They revealed that many of the tokens involved saw price drops of over 90%, with some rebranding entirely to distance themselves from the fallout.
Two weeks after the original claims, a detailed investigation on loock.io deepened the case against Donaldson, estimating his profits from these schemes at over $23 million since 2021.
This research, bolstered by on-chain data, was conducted by SomaXBT in collaboration with blockchain analysts, including Kasper Vandeloock and Hxnterson. It traced a network of over 50 wallets linked to Donaldson.
The probe revealed MrBeast’s primary wallet address, which he confirmed publicly in 2021 when he purchased 50 Ethereum. Investigators tracked several wallets funneling funds into this address, suggesting coordinated transactions commonly associated with shared ownership.
The network connections between these wallets, visualized in a comprehensive network graph, suggest a well-orchestrated intentional operation.
Inside MrBeast’s SUPER Token Profits: Is This Just the Start of Celebrity Crypto Grifts?
The investigation uncovered Donaldson’s involvement with the SuperVerse (SUPER) token, previously known as SuperFarm.
The token was promoted with influencers like EllioTrades, and its value surged briefly as anticipation grew around an NFT marketplace that would supposedly integrate with a gaming ecosystem.
MrBeast’s promotion of SUPER on social media coincided with a 50x price spike, creating excitement among early investors. Yet, early buyers were soon refunded under unclear terms, and a series of rapid sales by Donaldson’s wallets raised questions.
According to loock.io’s findings, he received a million SUPER tokens in early 2021 and transferred them to a side wallet before liquidating the entire sum in March 2021, earning about $7.5 million.
Additional unlocked token supplies followed, reportedly bringing MrBeast’s total SUPER profits to $11.5 million. An alleged leaked X message from MrBeast discussed a $100k investment, further fueling suspicions.
Beyond SuperVerse, the report estimates that MrBeast’s main wallet also accumulated $4.6 million from Eternity Chain (ERN), $1.7 million from PolyChain Monsters (PMON), and nearly $485,000 from SHOPX.
The investigation suggested these transactions were part of coordinated efforts with other influencers, each aimed at boosting token value through hype before profiting from a rapid sell-off.
Mainstream celebrities have made waves entering Web3, but many ventures have left retail investors disillusioned, with numerous “celebrity grifts” unfolding on Solana (SOL).
The Solana ecosystem has seen a surge in activity from meme coins tied to celebrity names, but investors in these tokens have faced major losses.
In June alone, 30 celebrity-backed meme coins launched on Solana, generating early buzz. Yet, months later, most of these tokens have seen drastic declines.
Reports indicate that half of these coins have dropped by 99%, while seven more are down by at least 90%. Even the best-performing celebrity meme coins have seen at least 70% decline.
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