As a seasoned investor who has seen the rise and fall of numerous cryptocurrencies, I must say that the accusations against MrBeast are alarming yet not entirely surprising. The crypto market is rife with scams, and celebrities leveraging their influence to pump and dump tokens is becoming all too common.
YouTube star MrBeast boasts a massive following of 320 million subscribers across various channels, earning him high rankings among the platform’s top earners. Known for organizing challenging yet lucrative contests, he gained notoriety for spontaneously paying for shoppers’ items in retail outlets. With his widespread fame comes constant media attention, both positive and negative. Currently, MrBeast finds himself embroiled in several controversies and legal matters, including allegations of involvement in crypto pump-and-dump schemes.
Back in October, I found myself in an unwanted spotlight due to intense criticism over one of my offerings. The latest allegation is that I’ve been peddling spoiled cheese in my Lunchable products. With a lawsuit filed and the FBI delving into the case, I’m currently swimming in legal woes. But this is just the start, as Pansino has handed over screenshots of our company group chat to the FBI, revealing memes with unusual colors and other questionable content. To make matters worse, there are now claims that I’m involved in a cryptocurrency scam. Unfortunately, this isn’t surprising, given how increasingly challenging it is to distinguish genuine crypto investments from scams as time goes by.
I’ve shared the information I discovered and my worries with the relevant authorities (FBI). Fingers crossed, they’ll investigate the logs from the MrBeast Telegram Company Chats and other issues. @YouTube @TeamYouTube #MrBeast
— Rosanna Pansino (@RosannaPansino) October 27, 2024
Is MrBeast Really Involved In A Crypto Pump and Dump Scam?
What is interesting about popular personalities is that their followers always watch and follow their recommendations. The name Influencer itself shows that it is someone with the capacity to influence someone. MrBeast has perfectly taken advantage of that, as he promoted many cryptocurrencies, boosting their demand, with his followers. Interestingly, a few crypto investigators disclosed that he often sold a heavy amount of those pumped tokens when the price hit high, eventually crashing the token down. It is called a pump-and-dump scam, where someone intentionally boosts the token before dumping all of their tokens. However, the dump ends up costing heavy losses to others. Such kinds of crypto scams have become quite common in the industry. Just recently, a Dubai Investor minted $30 Million in crypto celebrity pump and dump, and many other cases.
Examining the cryptocurrency dealings of MrBeast and understanding the methods through which he amassed approximately $23 million, including numerous fraudulent schemes, dubious transactions, and questionable connections.
in collaboration with @hxnterson @angelfacepeanut @somaxbt @rfparson
— Kasper Vandeloock | bangkok soon (@KasperLoock) October 30, 2024
Disputes and legal proceedings arose following a conversation between popular YouTube personalities Rosana Pansino and DogPacks404, which led to a scrutiny of MrBeast’s cryptocurrency activities by numerous analysts. Surprisingly, they uncovered links between him and several pump-and-dump scam occurrences, leaving everyone astonished. The report from loock.io has confirmed these findings, showing that the YouTuber made over $23 million through his 50 crypto wallets participating in dumping scams.
How Did These Pump and Dump Scams Take Place?
Following an in-depth examination, it was uncovered that Mr Beast maintained a substantial history of insider trading, deceptive tactics, and marketing low-value cryptocurrencies with small market capitalizations. A closer look at his crypto wallet transactions shows that he has consistently bought tokens that are later dumped, particularly during the pre-sale phase. It’s also crucial to note that he leveraged his influence to inflate their prices before ultimately offloading all of his holdings.
According to their findings, the YouTuber is said to have developed strong connections with those who create cryptocurrencies. This explains why he frequently invests large amounts, reaping returns even though he doesn’t trade full-time. This has led to allegations of insider trading. The report further reveals approximately 50 wallets linked to him and a significant number of crypto tokens tied to fraudulent activities. Notably, the crypto token SuperVerse (SUPER) is singled out, as MrBeast, LazarBeam, KSI, and GaryBEE have endorsed it on their channels, leading to substantial profits for them.
Initially priced at just $0.02, the token’s value skyrocketed to $1 due to influential YouTubers promoting it. Unfortunately, this surge in value didn’t help other investors. Many got their original investments back when creators fabricated problems with their accounts. Meanwhile, the influencers kept their tokens and sold them, raking in over $10 million in profits. In essence, authorities are accusing MrBeast of deceiving people by manipulating the token’s price using his influence.
After this initial event, it’s clear that there has been ongoing engagement in various other cryptocurrencies such as EthernityChain (ERN), AIOZ, Refinable (FINE), and numerous others. Since 2021, MrBeast has amassed a total of $23 million from these crypto-related promotions or questionable activities. It’s unclear whether YouTube knowingly participated in pump-and-dump crypto scams with these tokens or if it was all just coincidental.
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2024-11-02 16:46