MrBeast Allegedly Profited Over $23 Million from Crypto Trading Schemes
YouTube star James Donaldson, known as MrBeast, faces allegations related to over 50 crypto wallets implicated in potential insider trading. Previously noted for charity videos, his reputation has been marred by controversies, including accusations against associate Ava Kris Tyson regarding misconduct with a minor and claims of running an illegal lottery for children.
Recent investigations led by online detective SomaXBT suggest MrBeast employed a "pump and dump" strategy in the crypto market. He allegedly profited from investing in low-cap IDO (initial DEX offering) tokens, promoting them, and selling shortly after. Initial findings indicated profits of around $10 million, while expanded reports estimate earnings could exceed $23 million since 2021.
A team, including Kasper Vandeloock, hxnterson, angelfacepeanut, rfparson, and SomaXBT, conducted blockchain analysis revealing connections between MrBeast's primary wallet, 0x9e67D018488aD636B538e4158E9e7577F2ECac12, and over 50 associated wallets, indicating coordinated fund movements.
MrBeast’s promotion of SuperVerse (SUPER), a gaming-related NFT marketplace, received particular scrutiny. Despite initial hype, the project faced development delays. Following MrBeast's endorsement, SUPER saw a 50x price surge, but early investors reportedly encountered unexpected refunds, raising questions about the project's legitimacy.
A leaked conversation between MrBeast and influencer EllioTrades hinted at a $100,000 promotional deal for SUPER. On February 22, 2021, MrBeast's main wallet received one million SUPER tokens, which were sold a month later for approximately $7.5 million. Additional token releases followed, yielding a total profit of $11.4 million from SUPER alone.
The loock.io report also claims significant gains from other tokens such as Eternity Chain (ERN), PolyChain Monsters (PMON), and SHOPX, amounting to $4.6 million, $1.7 million, and $484,000, respectively. Allegations of coordinated pump-and-dump schemes with other influencers further contributed to these returns.
While MrBeast has not publicly addressed these allegations, the evidence from the on-chain analysis raises concerns about a structured strategy aimed at maximizing profit potentially at ordinary investors' expense. The findings suggest that MrBeast's crypto activities may be more profitable and ethically questionable than previously understood.