Popular YouTuber MrBeast, known for his massive following and crazy stunts, is facing accusations of making millions through a shady crypto scheme.
MrBeast’s Crypto Ventures
A blockchain analytics platform, Lookonchain, has revealed that MrBeast profited over $23 million by promoting various low-value cryptocurrencies and then selling them off.
- SuperFarmDAO (now SuperVerse): MrBeast allegedly invested just $100,000 in this project and used his influence to pump the value of its token, SUPER. He then sold his holdings, making over $11.5 million.
- Other Projects: MrBeast is also accused of similar tactics with other crypto projects like ERN, PMON, STAK, and AIOZ, making an additional $8.7 million in profit.
Pump-and-Dump Schemes
This type of scheme involves hyping up a low-value cryptocurrency, driving up its price, and then selling off large holdings at a profit. This leaves unsuspecting investors holding the bag when the price crashes.
The Crypto Community Reacts
Many in the crypto community are concerned about the negative impact of these schemes on the industry. They argue that such activities erode trust and damage the reputation of cryptocurrencies.
MrBeast’s Response
It’s unclear whether MrBeast intentionally engaged in market manipulation or was simply unaware of the potential consequences of his actions. He has not yet publicly addressed the accusations.
A Warning for Investors
This incident serves as a reminder for crypto investors to be cautious and do their own research before investing in any project. Be wary of influencers promoting unknown or low-value cryptocurrencies, as they may be involved in pump-and-dump schemes.
