MrBeast, a well-known YouTube influencer with 320 million subscribers, has recently come under scrutiny for allegedly profiting millions of dollars from questionable crypto deals. A group of on-chain investigators, including experts from advisory firm Loock.io and blockchain analysts like SomaXBT, have accused MrBeast of engaging in insider trading and misleading investors through his social media influence.
According to the investigation, MrBeast has been linked to approximately 50 wallets through on-chain data analysis. By disclosing his Ethereum address on previous occasions, such as when he purchased a CryptoPunk NFT during the 2021 NFT craze, observers were able to trace additional wallets connected to the YouTube personality. Multiple addresses were found to share the same deposit address on the Gemini exchange, indicating MrBeast’s control over the destination of funds.
One of MrBeast’s most profitable ventures was SuperVerse, formerly known as SuperFarm, which conducted an initial coin offering (ICO) to raise funds. MrBeast and his network promoted the project on various platforms, including YouTube, resulting in a significant increase in the coin’s value after listing. However, early investors faced restrictions due to legal loopholes, while MrBeast and his associates reportedly profited by selling tokens to SuperVerse supporters.
According to Loock’s research, MrBeast initially invested $100,000 in SuperVerse, generating a return of approximately $7.5 million. In total, MrBeast and his network are said to have earned $10 million from promoting controversial crypto projects, representing a significant portion of their total gains from such activities.
The trend of celebrities entering the web3 space and launching their own crypto projects has led to a phenomenon known as the “celebrity grift”, where mainstream figures promote meme coins and other tokens that often result in losses for retail investors. Many of these projects have emerged on the Solana blockchain, with over 30 SOL meme coins launched in June alone. However, most of these celebrity-backed projects have quickly fizzled out after their initial hype.
As the crypto industry continues to attract attention from influencers and celebrities, it is essential for investors to conduct thorough research and exercise caution when participating in projects promoted by social media personalities. The case of MrBeast highlights the risks associated with following investment advice from individuals who may not have the best interests of their followers at heart.