Jimmy Donaldson, widely known as MrBeast, is facing a new controversy over alleged cryptocurrency dealings.
Blockchain analysts claim that Donaldson may have engaged in “pump-and-dump” activities with lesser-known tokens, potentially profiting at the expense of his followers.
An Oct. 29 report by Loock alleges that MrBeast may have engaged in a series of pump-and-dump schemes, potentially earning millions at the expense of his followers.
According to Lookonchain, a blockchain analytics platform, MrBeast allegedly earned over $23 million through trading multiple low-cap cryptocurrencies.
The report suggests that he endorsed these tokens to his large audience before selling them during peak liquidity periods, timing his sales to coincide with promotional efforts by his network.
In total, over 50 crypto wallets have been identified from which MrBeast would have earned 23 million dollars on the backs of his followers.
MrBeast reportedly leveraged over 50 wallets for trading and transactions, with records from a Binance account showing single transactions of over $13 million.
One notable example involves SuperFarm Tokens (SUPER), where MrBeast allegedly received 1 million SUPER tokens and sold them for $9 million after promoting the token to his extensive subscriber base.
Similar activities were reported for tokens such as Polychain Monsters and Ethernity Chain, following a pattern of promotion followed by swift sales as prices spiked.
Investigators suspect that MrBeast used exchanges such as Gemini and managed numerous wallets for token selling, farming and holding, potentially amassing at least $10 million in the process.