• MrBeast allegedly made $10M by promoting and dumping low-cap altcoins
• He is accused of inflating the prices of tokens like SUPER, STAK, VPP, and SHOPX before selling them off
• While seemingly unethical, it’s unclear if MrBeast’s actions were illegal
Popular YouTuber MrBeast has been accused of participating in cryptocurrency promote-and-dump schemes that have allegedly earned him more than $10 million. The accusations come from blockchain investigator SomaXBT.
Accusations of Promoting and Dumping Tokens
According to SomaXBT, MrBeast invested $100,000 in a project called SuperFarmDAO. He then supposedly used his status as an influencer to inflate the project’s related SUPER token before dumping his shares. This allegedly allowed MrBeast to profit over $9 million.
SomaXBT describes similar activity by MrBeast in allegedly promoting and then quickly selling assets related to Polychain Monsters, STAK, VPP, and SHOPX projects after inflating their prices.
Concerns Over Destruction of Value
It’s unclear whether MrBeast intentionally misrepresented his long-term stance on these projects. However, these alleged actions have sparked ethical concerns within the crypto community.
Many believe that pumping and dumping low-cap tokens destroys value and harms retail investors. Data engineer Mike Kremer recently denounced this activity, stating it “destroys value both for the project itself and the cryptocurrency sector in general.”
Conclusion
While MrBeast doesn’t appear to have broken any laws, his alleged participation in pump-and-dump schemes has led to backlash over concerns he exploited his followers and the broader crypto community for quick profits.
