MrBeast faces allegations of crypto insider trading.
MrBeast reportedly earned $23 million from insider trading in crypto projects. He allegedly misled investors by using 50 wallets to promote and dump the token. The evidence includes a publicly shared Ethereum address linked to a $13 million trade.
YouTube sensation MrBeast, known for his engaging content and 320 million subscribers, is facing serious allegations of cryptocurrency trading.
Blockchain investigative group MrBeast, whose real name is James Stephen “Jimmy” Donaldson, claims he made huge profits from questionable crypto deals, including a staggering $23 million from insider trading.
MrBeast investigation by Loock.io
According to information from consulting firm Loock.io and blockchain analysts, MrBeast is said to have operated around 50 wallets using exchanges such as Binance and Gemini to trade various tokens.
In particular, he reportedly promoted projects such as Superfarm – now known as Superverse – alongside influencers such as KSI and LazarBeam, but later sold these tokens to unsuspecting followers.
In one notable example, MrBeast invested $100,000 in SuperVerse, making an estimated profit of $7.5 million. This profit is said to be due to the fact that early investors lost their profits without being refunded due to legal loopholes.
The investigators argue that MrBeast's influence in the crypto space allowed him to mislead investors while profiting from the projects he promoted.
The evidence provided comes from MrBeast's Ethereum address, which was publicly shared during an earlier NFT purchase that allowed investigators to track transactions. They state that around $13 million was invested in the aforementioned exchanges, raising questions about the legality of the transactions.
While the public blockchain allows a certain level of analysis, it does not guarantee the absolute accuracy of claims regarding transaction origins. However, the findings appear to be credible as they are based on publicly available data.
As the allegations continue to swirl, the crypto community is closely monitoring the situation, signaling a broader concern about celebrity endorsements in the volatile crypto market. With more celebrities joining Web3, controversies and financial mismanagement have been rampant, leading to calls for greater transparency and accountability.
