MrBeast and members of his YouTube influencer circle allegedly profited millions of dollars from questionable crypto deals, according to a group of on-chain investigators.
With 320 million YouTube subscribers, James Stephen “Jimmy” Donaldson, also known as MrBeast, is one of the world’s most prominent social media figures. His massive platform has served as a marketing channel for aspiring and sometimes contentious crypto projects.
Experts from advisory firm Loock.io and blockchain analysts like SomaXBT, who previously accused Donaldson of making $10 million from low-cap tokens, claim MrBeast leveraged his influence to profit from insider trading.
Findings suggest a long history of insider trading, misleading investors, and using his influence to promote tokens, only to later dump them on the market.
Loocke research document
Researchers, citing on-chain data, identified approximately 50 wallets linked to the YouTube personality. MrBeast has previously disclosed his Ethereum (ETH) address, such as when he purchased a CryptoPunk during the 2021 non-fungible token surge.
This disclosure allowed observers to link additional wallets to MrBeast’s network. Multiple addresses also shared the same Gemini exchange deposit address, confirming the YouTuber’s control over the destination of funds.
MrBeast’s top earner
SuperVerse, formerly known as SuperFarm, was one of MrBeast’s largest earnings from various projects, according to Loock’s document.
The project held an initial coin offering, a crypto term for selling tokens at lower prices to raise funds. MrBeast and his network promoted the protocol on platforms like X and YouTube. Although he has since deleted many promotional posts, MrBeast still follows SuperVerse’s page.
SuperVerse’s coin surged 50 times in value after listing, but early investors faced restrictions through legal loopholes. However, MrBeast and his social media associates, including KSI, reportedly profited by selling tokens to SuperVerse supporters.
Loock stated that MrBeast initially invested $100,000 in SuperVerse, yielding approximately $7.5 million. The influencer and his network reportedly earned $10 million, representing nearly half of the total value Donaldson’s circle allegedly gained from promoting controversial crypto projects.
Many mainstream celebrities have strolled into web3, but the cases have often ended in ghost coins and unsuccessful ventures for retail users. This cycle’s “celebrity grift”, as crypto natives say, has largely happened on Solana (SOL) with memecoins as SOL’s ecosystem benefitted from the increased activity.
Popular figures launched 30 SOL meme coins in June alone. As crypto.news noted, most celebrity projects died off quickly after launch.
Read the full article here
