insidebitcoins.com
Jimmy Donaldson, known as Mr Beast, allegedly earned over $23 million through crypto token promotions and suspected pump-and-dump schemes, according to a new investigation.
With over 324 million subscribers on YouTube, Donaldson reportedly used his influence to inflate token prices before selling, often leaving retail investors with losses, according to blockchain firm Loock.io and investigators including SomaXBT.
MrBeast (@MrBeast), an influencer with 31.2M followers, has engaged in insider trading, misleading investors, and using his influence to pump tokens, only to dump them later.
He has made over $23M in profits from various crypto projects:
$11.45M from $SUPER
$4.65M from $ERN… pic.twitter.com/gMtXVemCDE— Lookonchain (@lookonchain) October 30, 2024
Investigators Linked 50 Wallets To Mr Beast Network
Investigators linked approximately 50 wallets to Donaldson’s network, citing major trades that profited from quick exits. For example, a wallet tied to Mr Beast allegedly invested $25,000 in the Ethereum-based token Polkamon (PMON), later selling for $1.3 million.
On-chain sleuth ZachXBT had previously flagged PMON’s trading activity, claiming insiders profited at retail investors’ expense.
Another wallet acquired one million SUPER tokens for $100,000, selling them at their peak for $9 million before prices collapsed. SuperVerse, formerly known as SuperFarm, is another of Donaldson’s most profitable projects, with an estimated $7.5 million gain, according to the analysts.
The investigation notes that Donaldson’s public Ethereum wallet, used in past NFT purchases, helped analysts trace funds through associated wallets, though it’s unclear who managed each trade.
The investigation is spurring debate on social media, with some warning of the rise of influencer-driven risks in crypto, and others questioning the strength of the links to Mr Beast himself.
He has min half of billion net worth it doesn’t make any sense to do such things and go in prison after couple of years for min 5% of you money, looks like somebody use his name or something like this
— The Cat (@btccat_) October 30, 2024
Donaldson has yet to comment on the allegations.
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