MrBeast, the well-known YouTuber and content creator who has a net worth of between 700 million and one billion dollars according to media, would have benefited from fraudulent activities in the crypto ecosystem, making him earn around 13 million dollars.
This is indicated by the firm SomaXBT, which points to several digital wallets owned by the North American YouTuber, and which have participated in investments in cryptocurrencies that have been the subject of “pump and dump” scams, consisting of advertising and generating hype about a crypto for Let others invest in it and, when it reaches its maximum value, withdraw the funds and leave the rest of the investors with a dead asset.
Specifically, the two cryptocurrencies of this type in which MrBeast has invested are Polkamon (PMON) and SuperVerse (SUPER), according to the blockchain analysis firm Arkham Intelligence. According to Decrypt, the entrepreneur bought funds from these digital currencies that were being promoted by other influencers, and shortly after, he sold them, making a profit of 13 million dollars.
SomaXBT
@somaxbt
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. 🧵 https://t.co/NR9dq9ZnD2
October 11, 2024 • 2:34 p.m.
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Regarding the Polkamon coin, MrBeast would have made an investment worth $25,000, from which he obtained profits that exceeded one million dollars, pocketing 1.3 million. Regarding its investment in SuperVerse, Decrypt explains that MrBeast promoted the crypto asset in 2021 with several posts on Twitter, and that after buying one million tokens for one hundred thousand dollars, he sold them a month later when the cryptocurrency was at its all-time high. After a few weeks, this crypto sank 90%.
The YouTuber has not confirmed that he is the owner of these assets, but an old tweet that he published himself does reveal that he has been active in the crypto and non-fungible token markets. “I bought this one,” he said in 2021 in response to a tweet about the CryptoPunk 939 token.
However, Coinbase sources have explained that although it is known that this wallet is linked to MrBeast, it cannot be known for sure if it was he who carried out the transactions, since other members of his team could have access to this wallet and be managing it on your behalf or as co-owner.
Influencer investments
Various experts in the crypto sector and journalists have already warned of the dangers surrounding investments in cryptocurrencies or tokens in which influencers or celebrities participate. The great following that these figures have means that many people almost automatically want to invest in the same products as the influencers, generating an increase in value due to the mass investment of a large number of people.
However, the fact that someone famous invests in something is not synonymous with that asset having value in itself, so after a while it can end up losing value suddenly and definitively. In Spain, creators who have been at the center of controversy over this issue have been the YouTubers Willyrex and Dalas Review. The first, for publicly supporting a series of NFTs, and the second, for the dissemination of its own token called “$PAMBI”.
MrBeast’s image remains controversial, since although different controversies weigh on him, the influencer is also known for his million-dollar charitable contributions to various causes.
