MrBeast is one of the highest-earning YouTubers, with 320M subscribers and multiple successful channels. He is known for conducting extremely difficult but rewarding competitions. Many will remember him for buying everything in people’s carts at malls and shopping spaces. With such popularity, he is always in the news for something good or bad. The same is true today as he is facing multiple scandals and legal issues, including the accusations of the crypto pump and Dump scams.
This all began in October month when he got extreme hate for one of his products. He is now accused of selling moldy cheese in his Lunchable products. With the lawsuit filing and FBI involvement in the case, the YouTuber is surrounded by legal trouble this time. However, this is the beginning, as Pansino has shared YouTubers company group chat screenshots with the FBI, which included odd-color memes and other controversial information, and now this cryptocurrency scam accusation is the newest add-on. However, it is nothing new, as, with time, it is getting tougher and tougher to identify crypto scams.
I have reported what I found and my concerns to the authorities @FBI. Hopefully they will look into these MrBeast Telegram Company Chats Logs and other concerns. @Youtube @TeamYouTube #mrbeast
— Rosanna Pansino (@RosannaPansino) October 27, 2024
Is MrBeast Really Involved In A Crypto Pump and Dump Scam?
What is interesting about popular personalities is that their followers always watch and follow their recommendations. The name Influencer itself shows that it is someone with the capacity to influence someone. MrBeast has perfectly taken advantage of that, as he promoted many cryptocurrencies, boosting their demand, with his followers. Interestingly, a few crypto investigators disclosed that he often sold a heavy amount of those pumped tokens when the price hit high, eventually crashing the token down. It is called a pump-and-dump scam, where someone intentionally boosts the token before dumping all of their tokens. However, the dump ends up costing heavy losses to others. Such kinds of crypto scams have become quite common in the industry. Just recently, a Dubai Investor minted $30 Million in crypto celebrity pump and dump, and many other cases.
An investigation into @MrBeast‘s crypto activities and how he profited over $23M from a multitude of scams, shady deals & his network
in collaboration with @hxnterson @angelfacepeanut @somaxbt @rfparsonhttps://t.co/xocBH9X8PM
— Kasper Vandeloock | bangkok soon (@KasperLoock) October 30, 2024
The accusations and legal action began after Rosana Pansino and DogPacks404, who are famous YouTubers, had this discussion one day, and many analysts took over to analyze MrBeast crypto activities. Interestingly, they did find some connection between him and various pump-and-dump scam incidents, shocking everyone. The loock.io report has concluded these findings, revealing that the YouTuber has earned more than $ 23 million with his 50 crypto wallets involved in the dumping scams.
How Did These Pump and Dump Scams Take Place?
After careful investigation, the investigators revealed that Mr Beast had a long insider trading history, misleading practices, and low market cap crypto promotions. His crypto wallet transaction history reveals that he has heavily invested in such dumping tokens during the pre-sale period. More importantly, he used his influence to pump their price before eventually selling everything.
The investigators also claimed that the YouTuber built good relations with the token creators. This is why, he has often bought heavy sums and ended up with gains despite not being a full-time trader. With this, they have accused him of insider trading. The report also mentioned around 50 wallets that belong to him and many crypto tokens associated with scams. One specific crypto token, SuperVerse (SUPER), stood out as MrBeast, LazarBeam, KSI, and GaryBEE promoted the token on their channels and made huge profits.
The token had a pre-sale value of $0.02, but these YouTuber’s endorsements pushed the value to $1. However, it did not benefit the other investors. Most of them received their initial investment back after creators falsely reported issues with their accounts. However, the influencers still had their tokens and sold them, making more than $10 million in profits. Overall, these investigators have claimed that MrBeast has scammed people after using his influence to raise the price.
This was just the start, as even after that, the on-chain activity shows active involvement with other tokens like EthernityChain (ERN), AIOZ, Refinable (FINE), and many others. Collectively, MrBeast has made $23 million since 2021 with such crypto promotions or scams. However, it is not entirely proven whether YouTube intentionally got involved with these tokens for the pump and dump crypto scams or whether these were mere coincidences.
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