MrBeast Crypto Scandal: Allegedly Raised $10 Million from Pump-and-Dump!

Bittime - MrBeast, a popular YouTuber, is accused of making more than $10 million in profits from promoting and then dumping low-cap crypto projects. 

The allegations claim MrBeast used pump-and-dump tactics, which caused huge losses to retail investors.

Read more about the MrBeast crypto scandal in this article!

MrBeast Crypto Scandal Revealed

Crypto investigator SomaXBT has accused MrBeast, one of the most popular personalities on YouTube, of engaging in crypto fraud. SomaXBT accused MrBeast of making huge profits by promoting and then dumping low-cap crypto projects.

An investigation by SomaXBT revealed that MrBeast invested in several IDOs, including SuperFarm ($SUPER), Polychain Monsters ($PMON), and SPLYT ($SHOPX). 

After promoting these tokens and raising their prices, MrBeast allegedly sold large amounts of each at peak value, leaving retail investors with huge losses as token prices plummeted.

Read also: BlackRock CEO: US President Won't Influence Bitcoin

Method MrBeast Allegedly Making Profits

SomaXBT's investigation highlights several instances where MrBeast's actions suggest involvement in a pump-and-dump scheme:

SuperFarm ($SUPER): MrBeast invested $100,000 and sold his tokens for a profit of around $9 million.

Polychain Monsters ($PMON): MrBeast invested $25,000 and sold his tokens for a profit of around $1.3 million.

SPLYT ($SHOPX): MrBeast made a profit of about $765,000.

STACK: MrBeast made a profit of about $1.25 million.

These activities have raised ethical concerns about the role of influencers in the crypto space. 

SomaXBT suggested that MrBeast's behavior was indicative of a classic pump-and-dump scheme, where influential figures inflate the price of tokens only to sell them at an inflated price, leaving retail investors with losses.

The Debate on the Ethics of Crypto Influencers

The MrBeast crypto scandal is not the first example of influencers being accused of manipulating the crypto market. Similar accusations have been leveled at figures such as Andrew Tate and Iggy Azalea.

This ongoing debate has highlighted the need for stricter regulations in the crypto ecosystem to protect investors from such practices. 

As the crypto industry grows, it is important to set guidelines and standards for influencers to ensure transparency and ethical behavior.

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