The YouTube sensation is currently under fire after several chain investigators found traces of information that linked the social media influencer to shady cryptocurrency promotions.
These recent allegations against a content creator Mr. Beast, has reopened the debate on whether influencers should be held responsible for promoting cryptocurrencies.
Earning $23 million in suspicious transactions
A team of internet researchers recently analyzed the crypto activities of Jimmy Donaldson, popularly known as YouTuber sensation MrBeast.
They discovered that MrBeast was able to make a lot of money from numerous shady cryptocurrency promotions, allegedly making over $23 million from these shady transactions.
One of these questionable promotions is SUPER, which saw the YouTube sensation with 320 million subscribers receive a refund of $11.45 million.
Investigation into @MrBeastcrypto business and how he made over $23 million from multiple scams, shady transactions, and his network
in cooperation with @hxnterson @angelfacepeanut @somaxbt @rfparsonhttps://t.co/xocBH9X8PM
— Kasper Vandeloock (@KasperLoock) October 30, 2024
Investigators accused the influencer of making $4.65 million from ERN coins, adding that evidence also shows he made profits from PMON of $1.72 million, STAK with $1.31 million and AIOZ with $1 million.
MrBeast linked to 50 cryptocurrency wallets
According to Loock.io, a detailed investigation of MrBeast’s crypto activities revealed that over 50 digital wallets are associated with the YouTuber, claiming that one of the most compelling evidence that these crypto wallets are associated with the influencer is a “shared deposit address.” .
The advisory firm added that evidence shows MrBeast used his influence to mislead traders by promoting questionable tokens, revealing that his method involves pumping tokens and then dumping the coins into the market.
In a separate investigation, SomaXBT reported that the celebrated YouTuber made over $10 million selling small-cap cryptocurrency tokens, while others accused him of doing so employ of confidential information.
Reports also indicate that MrBeast signed a lucrative deal with SuperVerse, formerly SuperFarm, in which the influencer invested approximately $100,000 to promote the token and later earned an estimated $7.5 million.
Holding them accountable
The cryptocurrency fraud allegations against MrBeast have only added fuel to the discussion about holding influencers accountable. Out of these incidents have emerged people who have become so-called “YouTube investigators,” with influencers using their platform to expose other YouTubers’ suspicious cryptocurrency activities.
Source: Arkham Intelligence
Moreover, government authorities are tightening their actions against these cryptocurrency scammers. The U.S. Department of Justice even created a National Cryptocurrency Enforcement Team in 2021 to manage concerns about cryptocurrency fraud and the like.
An earlier report stated that many on-chain researchers oppose influencers promoting the tokens because they are clearly scams.
As of press time, MrBeast has yet to respond to these allegations, which remain unverified. However, these accusations spark a discussion about the ethical standards of cryptocurrency promotion.
Featured image from Rolling Stone, chart from TradingView
