As a seasoned researcher with extensive experience in digital economics and social media influence, I find myself intrigued by this recent investigation into MrBeast’s involvement in low-cap crypto projects. The evidence presented by SomaXBT, if accurate, raises some ethical concerns that are reminiscent of the infamous pump-and-dump schemes we’ve seen in traditional markets.
YouTube personality MrBeast, boasting over 320 million fans, is facing questions after a blockchain examination implies potential earnings of millions through lesser-known cryptocurrencies.
Based on information from the anonymous cryptocurrency detective known as SomaXBT, it’s been estimated that YouTube personality Jimmy Donaldson, better known as MrBeast, made more than $10 million by investing in Initial DEX Offerings (IDOs) for initiatives like Polychain Monsters (PMON) and Virtue Poker (VPP).
SomXBT points out a questionable practice, likening it to the manipulative “buy high, sell high” strategy known as pump-and-dump. When this individual inflates token values by endorsing them to their large following, then selling those tokens once their value increases, it results in ordinary investors experiencing financial losses.
SomXBT pointed out on X that these actions, which he’s referring to the influencers, have been questionable in the crypto market. He further added that if such activities were carried out in the stock market, regulatory bodies like the SEC would likely take action against them.
As a crypto investor, I appreciate the transparency that SomaXBT brings to the table by using on-chain data. This approach helps keep our community honest and accountable, as demonstrated in his October 11 posts where he shed light on the potential risks associated with influencer-backed token promotions.
MrBeast’s involvement with SUPER
Based on the findings, it appears that Donaldson has been part of numerous initiatives such as SuperFarm (with its token $SUPER), Polychain Monsters ($PMON), SPLYT ($SHOPX), STAK, and Virtue Poker ($VPP).
The analysis is based on wallet activity labeled as ‘Mr. Beast’ on Arkham Intelligence.
3/ Here’s the evidence showing that he invested $100k in SuperFarmDAO. In a live stream recording by @elliotrades, there was an unintended disclosure of a direct message conversation between him and MrBeast about the investment amount. This information later aligned with MrBeast’s financial transactions, where he transferred $100k to a newly created wallet.
— SomaXBT (@somaxbt) October 11, 2024
One significant involvement mentioned was the $SUPER token from SuperFarmDAO, as claimed by SomaXBT. They allege that Donaldson invested a sum of $100,000, and in return, he was given approximately 1 million $SUPER tokens.
According to the probe’s findings, it’s claimed that those tokens were subsequently traded for roughly 1,900 Ether, which was equivalent to around $3.7 million in value when the transaction took place.
It’s said that an extra $5.5 million earned from vested shares apparently boosted the YouTube sensation’s income from SUPER to approximately $9 million in total.
A similar trend was noticed with different investments too. SomaXBT claims that an initial investment of $25,000 in $PMON reportedly yielded approximately $1.7 million in earnings.
It is said that a $SHOPX token initially invested at $25,000 generated approximately $765,000 in returns. Additionally, the research suggests potential earnings of around $1.25 million from an investment in $STAK tokens.
As a seasoned crypto investor, I’ve observed that numerous projects I initially invested in have experienced significant devaluations, with some plummeting more than 90% from their highest prices. Some of these projects have undergone rebranding or strategic shifts after suffering substantial losses.
In a simpler, more conversational manner, SomaXBT implies that if similar activities like these were present in the stock market, they might catch the eye of financial regulators.
SomaXBT brought attention to the fact that MrBeast had previously shown interest in Non-Fungible Tokens (NFTs), as evidenced by a screenshot of a tweet where Donaldson referred to Gary Vee and expressed his intention to invest in Gary Vee’s associates.
Crypto.news emailed MrBeast requesting an interview but hasn’t heard back.
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2024-10-12 19:42