Did MrBeast Crypto Scam? James Donaldson, aka Mr Beast, is accused of a pump-and-dump scheme, illegally profiting over $20 million.
Jimmy Donaldson, better known as MrBeast on YouTube, is not your ordinary content creator.
On YouTube alone, he has over 325 million subscribers.
You would assume he rakes in millions every month from views (and he does) and is not interested in alleged scams.
Well, MrBeast is once again in the eye of a storm.
Aside from his high-energy content on YouTube reaching a global audience, not forgetting his philanthropic efforts, it is proving that 2024 is the year of Truth (and nothing short of it) considering what has been happening to MrBeast.
October has been especially turbulent for Donaldson as several reputation-damaging controversies have been leveled against him.
In addition to being reported to the FBI, MrBeast is now accused of manipulating crypto prices, knowingly pumping and dumping tokens for a profit.
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MrBeast Accused Of Pump And Dump Schemes
This week, SomaXBT, an onchain investigator, claimed that MrBeast and his team are notorious “pump and dump” agents using their global popularity to cause havoc on unknowing investors.
In any pump-and-dump, celebrities like MrBeast will promote a token, inflating its value and begin dumping on users who buy at peaks. At the end of the day, the unsuspecting “investor” ends up with mud, holding worthless tokens.
This practice is illegal as it preys on uninformed investors who trust the word of influencers like MrBeast and others.
While several influencers like Andrew Tate have been accused of pumping and dumping tokens, MrBeast’s case is far more serious and extensive.
Mr Beast Netted Over $20 Million In Profits
Together with his team, MrBeast allegedly reaped over $20 million by pumping tokens using 50 different wallets. Binance and Gemini were used to process transactions.
Every time they bought a token, they would pump it and sell it for a profit.
One of these tokens promoted is SuperFarm (SUPER).
After his campaign, where he concurrently famed SUPER using multiple wallets, he dumped the coin, racking up $11 million.
One such farming wallet ended up selling $6 million worth of FARM.
MrBeast also pumped Polychain Monsters (PMON) and Ethernity Chain (ERN), both of which are gaming tokens, in similar patterns, earning illegal profits.
In his campaign, MrBeast was listed as a partner and ambassador of Ethernity Chain. The influencer promoted the token on X while also shuffling ERN tokens between multiple wallets. After selling, he received $4.6 million in profits.
MrBeast also promoted AIOZ on X before dumping immediately after he received his tokens. In all, he received $1 million in profits.
The YouTuber is accused of pumping and dumping other tokens like SHOPX–selling for $480,000; FINE–liquidating for $190,000; and XCAD, where he got $280,000 after regularly billposting about the project as a partner.
Will MrBeast Be Arrested?
The extent of alleged manipulation is nothing but jarring for MrBeast’s fans.
He could be an inspiration, but these accusations are damaging, showing that he profited from their trust.
Presently, it is unclear whether authorities in the United States are investigating the matter.
If they do, MrBeast could be heavily penalized and even jailed.
Recently, an executive for a meme coin market maker, GotBit, was charged and imprisoned for pumping and dumping tokens.
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