A YouTube sensation is currently under fire after several on-chain investigators found traces of data that linked the social media influencer to dubious cryptocurrency promotions.
These recent allegations against the content creator, MrBeast, again opened the controversy on whether influencers must be held accountable when promoting crypto.
Netting $23 Million From Shady Deals
A team of online researchers recently analyzed the crypto activities of Jimmy Donaldson, popularly generally known as the YouTuber sensation MrBeast.
They’ve uncovered that MrBeast may need earned big bucks from quite a few suspicious cryptocurrency promotions, allegedly making over $23 million from these shady deals.
One in all these questionable promotions is SUPER wherein apparently the YouTube sensation with 320 million subscribers got a $11.45 million kickback.
An investigation into @MrBeast‘s crypto activities and the way he profited over $23M from a large number of scams, shady deals & his network
in collaboration with @hxnterson @angelfacepeanut @somaxbt @rfparsonhttps://t.co/xocBH9X8PM
— Kasper Vandeloock (@KasperLoock) October 30, 2024
The investigators accused the influencer of netting $4.65 million from ERN coin, adding that evidence also showed that he got profits from PMON with $1.72 million, STAK with $1.31 million, and AIOZ with $1 million.
MrBeast Linked In 50 Crypto Wallets
Based on Loock.io, an in depth examination of MrBeast crypto activities revealed that greater than 50 digital wallets are linked to the YouTuber, saying that probably the most compelling proofs that these crypto wallets are related to the influencer is the “shared deposit address”.
The advisory firm added that evidence indicates that MrBeast has been using his influence to mislead traders by promoting questionable tokens, revealing that his modus is to pump the tokens and later dump the coins available on the market.
In a separate investigation, SomaXBT reported that the famous YouTuber gained greater than $10 million in marketing low-cap cryptocurrency tokens while others accused him of doing insider trading.
Reports also claimed that MrBeast got a lucrative take care of SuperVerse, formerly SuperFarm, wherein the influencer invested about $100,000 to advertise the token, and afterward he gained an estimated $7.5 million.
Making Them Accountable
The crypto scam allegations against MrBeast only added fuel to the discussion on make influencers accountable. These incidents gave rise to individuals who became the so-called “YouTube investigators” wherein these influencers are using their platform to show the shady cryptocurrency activities of their fellow YouTubers.
Source: Arkham Intelligence
Furthermore, state authorities are also beefing up their crackdowns against these crypto scammers. The US Department of Justice even created a National Cryptocurrency Enforcement Team in 2021 to administer concerns about cryptocurrency scams and alike.
An earlier report stated that many on-chain investigators are opposing these influencers who’re promoting tokens because these are clearly scams.
As of press time, MrBeast has yet to reply to these allegations, which remain unverified. Nevertheless, these accusations are bringing up discussions in regards to the ethical standards of cryptocurrency promotions.
Featured image from Rolling Stone, chart from TradingView