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A YouTube sensation is currently under fire after several on-chain investigators found traces of information that linked the social media influencer to dubious cryptocurrency promotions.
These recent allegations against the content creator, MrBeast, again opened the debate on whether influencers should be held accountable when promoting crypto.
Netting $23 Million From Shady Deals
A team of online researchers recently analyzed the crypto activities of Jimmy Donaldson, popularly known as the YouTuber sensation MrBeast.
They have uncovered that MrBeast might have earned big bucks from numerous suspicious cryptocurrency promotions, allegedly making over $23 million from these shady deals.
One of these questionable promotions is SUPER wherein apparently the YouTube sensation with 320 million subscribers got a $11.45 million kickback.
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 (@KasperLoock) October 30, 2024
The investigators accused the influencer of netting $4.65 million from ERN coin, adding that evidence also showed that he got profits from PMON with $1.72 million, STAK with $1.31 million, and AIOZ with $1 million.
MrBeast Linked In 50 Crypto Wallets
According to Loock.io, a detailed examination of MrBeast crypto activities revealed that more than 50 digital wallets are linked to the YouTuber, saying that one of the most compelling proofs that these crypto wallets are associated with the influencer is the “shared deposit address”.
The advisory firm added that evidence indicates that MrBeast has been using his influence to mislead traders by promoting questionable tokens, revealing that his modus is to pump the tokens and later dump the coins on the market.
In a separate investigation, SomaXBT reported that the famous YouTuber gained more than $10 million in marketing low-cap cryptocurrency tokens while others accused him of doing insider trading.
Reports also claimed that MrBeast got a lucrative deal with SuperVerse, formerly SuperFarm, wherein the influencer invested about $100,000 to promote the token, and afterward he gained an estimated $7.5 million.
Making Them Accountable
The crypto scam allegations against MrBeast only added fuel to the discussion on how to make influencers accountable. These incidents gave rise to individuals who became the so-called “YouTube investigators” wherein these influencers are using their platform to expose the shady cryptocurrency activities of their fellow YouTubers.
Source: Arkham Intelligence
Moreover, state authorities are also beefing up their crackdowns against these crypto scammers. The US Department of Justice even created a National Cryptocurrency Enforcement Team in 2021 to manage concerns about cryptocurrency scams and alike.
An earlier report stated that many on-chain investigators are opposing these influencers who are promoting tokens because these are clearly scams.
As of press time, MrBeast has yet to respond to these allegations, which remain unverified. However, these accusations are bringing up discussions about the ethical standards of cryptocurrency promotions.
Featured image from Rolling Stone, chart from TradingView
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