by A team of on-chain investigators claims that MrBeast and his YouTube influencer network made millions of dollars from dubious cryptocurrency transactions.
MrBeast, whose real name is James Stephen “Jimmy” Donaldson, has 320 million YouTube subscribers, making him one of the most well-known social media personalities in the world. His extensive platform has been used as a marketing avenue for ambitious and occasionally controversial cryptocurrency ventures.
MrBeast allegedly used his power to profit from insider trading, according to experts from advice business Loock.io and blockchain researchers like SomaXBT, who earlier accused Donaldson of earning $10 million from low-cap coins.
Citing on-chain data, researchers discovered almost 50 wallets associated with the YouTuber. For example, when MrBeast bought a CryptoPunk during the 2021 non-fungible token boom, he revealed his Ethereum address.
Because of this revelation, observers were able to connect more wallets to MrBeast’s network. Additionally, the same Gemini exchange deposit address was utilized by other addresses, demonstrating the YouTuber’s authority over the money’s final destination.
The top earning on MrBeast
According to Loock’s document, one of MrBeast’s biggest profits from a variety of initiatives was SuperVerse, formerly known as SuperFarm.
To raise money, the project conducted an initial coin offering, which is the cryptocurrency phrase for selling tokens at a discount. The protocol was advertised on websites like YouTube and X by MrBeast and his network. MrBeast still follows SuperVerse’s page, despite the fact that he has now removed a number of promotional postings.
After listing, the value of SuperVerse’s coin increased fiftyfold, although early investors were subject to limitations due to legal loopholes. But according to reports, MrBeast and his social media partners, notably KSI, made money by offering tokens for sale to SuperVerse fans.
According to Loock, MrBeast made an initial investment of $100,000 in SuperVerse, which resulted in about $7.5 million. According to reports, the influencer and his network made $10 million, which is over half of the total amount of money Donaldson’s circle allegedly made from endorsing dubious cryptocurrency projects.
Although several well-known celebrities have ventured into Web3, these incidents have frequently resulted in ghost currencies and failed retail user endeavors. Cryptolocals refer to this cycle’s “celebrity grift” as mostly occurring on Solana (SOL) with memecoins, as the ecosystem of SOL benefited from the increased activity.
In June alone, 30 SOL meme coins were introduced by well-known individuals. The majority of celebrity initiatives gradually faded away after launch, as crypto.news pointed out.
