MrBeast Accused of Earning Millions Through Crypto “Pump and Dump” Schemes

MrBeast’s cryptocurrency portfolio is reportedly associated with profiting from at least $13 million tied to dubious pump-and-dump operations.

In 2021, MrBeast, recognized as one of the most successful figures on YouTube, invested approximately $250,000 to acquire various cryptocurrency tokens.

As per Arkham Intelligence, a company specializing in blockchain analytics, MrBeast’s wallet is connected to investments in Polkamon (PMON) and SuperVerse (SUPER).

Shortly after his token acquisitions, he liquidated these assets, reportedly earning $13 million.

Among his transactions was a $25,000 stake in the Polkamon meme token, which he later exchanged for an estimated $1.3 million.

While MrBeast has not officially confirmed his involvement in these trades, he had tweeted about one of his investments coinciding with the timing of his token purchases.

“I bought this one,” he remarked in response to another user’s meme token transaction.

Mr. Beast doxxed himself back in 2021 https://t.co/hU7JTe6KVV pic.twitter.com/xx8LaUDkni

— Conor (@jconorgrogan) June 27, 2023

His significant profits have sparked concerns, given that the investment entities linked to his wallet are reportedly associated with pump-and-dump trading schemes.

A “pump-and-dump” scheme refers to when a highly influential media figure invests in a specific token and promotes it vigorously. This results in an uptick in the token’s price due to increased interest from buyers, allowing the influencer to sell off their holdings for a hefty profit.

Although individuals like MrBeast might see substantial gains from such practices, it often leads to a sharp decline in the token’s value, adversely affecting unsuspecting investors.

Sophie Lee, a cryptocurrency strategist, spoke out regarding the exploitation of cryptocurrency trading by influencers, urging stakeholders to oppose these contentious methods.

“The crypto landscape relies on transparency and trust,” Lee stated. “Claims involving prominent figures can create ripple effects, altering market behavior and regulatory responses. It’s imperative for all participants to proactively tackle these issues.”

Numerous evaluations suggest MrBeast’s net worth ranges between $700 million and $1 billion. Despite the questionable trading practices associated with his crypto wallet, the YouTuber has channeled his wealth into philanthropic endeavors.

In July, he constructed 100 homes for residents in both El Salvador and Jamaica. Additionally, he has organized several contests with remarkable prizes for ordinary participants.

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