MrBeast Accused of Promoting Scam Tokens by Researcher

YouTube personality MrBeast allegedly earned over $10 million by investing in low-cap tokens and promoting them. This conclusion was drawn by anonymous on-chain analyst SomaXBT, as reported here.

1/ An investigation into @MrBeast ,how he allegedly made $10M+ by backing low-cap IDO crypto tokens promoted by influencers like Lark Davis, CryptoBanter, KSI, and others. Many of these projects are now down over 90%, with some rebranding after major losses.

let’s dive in. ? pic.twitter.com/NR9dq9ZnD2

— SomaXBT (@somaxbt) October 11, 2024

Many of the assets in question later fell by more than 90% or underwent rebranding, the expert noted.

The analysis was based on a wallet tagged on the Arkham platform as allegedly belonging to the YouTuber. Social media activity was also cited as evidence.

In one instance, MrBeast reportedly earned over $9 million by purchasing the SUPER token and supporting the SuperFarm project. To substantiate the theory, SomaXBT presented a screenshot from a broadcast by popular crypto enthusiast EllioTrades, which inadvertently showed a conversation with MrBeast discussing a $100,000 investment.

Subsequent activity from MrBeast’s wallet was recorded.

4/ Here is wallet activity
— on 2021-02-21 19:59 received 100k USDC from the Binance US
— 2021-02-21 20:08 sent $100k USDC to the new wallet
— Next day 2021-01-22 16:53 received 1M super token pic.twitter.com/8M9WKvmtKL

— SomaXBT (@somaxbt) October 11, 2024

• On February 21, 2021, he received 100,000 USDC from Binance US;
• minutes later, the stablecoins were sent to a new address;
• the next day, 1 million SUPER was received.

Following this, the YouTuber “demonstrated his support” for the project by leaving an eye emoji under a deleted tweet.

On March 30, 2021, the YouTube star transferred 1 million SUPER to a new wallet and within a day exchanged it for 1900 ETH. The next day, Ethereum worth $3.7 million was moved to the blogger’s address and then to Binance US.

Between May 8 and October 22, 2021, the YouTuber received SUPER tokens from a vesting contract and sold them on the open market, earning an additional $5.5 million.

Other projects involved include:

• PMON — invested $25,000, earned $1.7 million;
• SHOPX — $25,000 and $765,000;
• STAK — $250,000 and $1.25 million.

SomaXBT also mentioned XCAD and AIOZ, where “insiders made significant profits while retail investors suffered losses.”

Subsequently, SUPER fell by 75%, and other tokens by more than 90%. Additionally, MrBeast showed support for NFTs, openly promoting VeeFriends.

15/ With all this, MrBeast also showed his support for NFTs. He openly promoted VeeFriends from Gary Vee on Twitter and spent $1.25 million to buy them. Additionally, he has traded various NFTs. pic.twitter.com/iZ097TdwNa

— SomaXBT (@somaxbt) October 11, 2024

“These are shady things they all did in the crypto market. If they did similar things in the stock market, the SEC would pursue them,” concluded SomaXBT.

In October, ZachXBT criticized crypto influencer Sion Thomas (Ansem) for executing a Pump & Dump scheme involving numerous meme coins.