MrBeast May Have Earned Millions From Backing Low-Cap Crypto Projects, On-Chain Investigation Suggests
- Barbara StreisandOriginal
- 2024-10-13 04:10:27519browse
MrBeast — whose real name is Jimmy Donaldson — earned over $10 million from backing Initial DEX Offerings (IDOs) for projects like Polychain Monsters (PMON) and Virtue Poker (VPP).
Popular YouTube entertainer MrBeast, known for his real name Jimmy Donaldson, has come under scrutiny following an on-chain investigation that suggests he may have earned millions from backing low-cap Initial DEX Offerings (IDOs).
According to the anonymous crypto sleuth known as SomXBT, MrBeast earned over $10 million from promoting tokens for projects like Polychain Monsters (PMON) and Virtue Poker (VPP). SomXBT equates this to a pump-and-dump scheme, highlighting the ethical concerns it raises.
“This is the shady stuff they’ve all done in the crypto market,” SomXBT stated on X, referring to social media influencers. “[If] they had done this in the stock market, the SEC would be after them.”
SomaXBT's work, evident in his Oct. 11 posts, aims to increase transparency and hold the crypto community accountable, especially regarding the risks of influencer-backed token promotions.
MrBeast's involvement spans several projects, including SuperFarm ($SUPER), Polychain Monsters ($PMON), SPLYT ($SHOPX), STAK, and Virtue Poker ($VPP), as indicated by wallet activity labeled as ‘Mr. Beast’ on Arkham Intelligence.
One of the most significant involvements highlighted by the investigation is the $SUPER token by SuperFarmDAO. SomaXBT claims that Donaldson invested $100,000 and received 1 million $SUPER tokens.
The investigation alleges that these tokens were later sold for approximately 1,900 ETH, valued at around $3.7 million at the time. Additionally, vested tokens reportedly netted the YouTube star another $5.5 million, bringing his total earnings from $SUPER to around $9 million.
Similar patterns were observed with other tokens. SomaXBT states that in the case of $PMON, a $25,000 investment allegedly resulted in $1.7 million in profits.
The $SHOPX token reportedly yielded $765,000 from an initial $25,000 investment. The investigation also points to earnings of $1.25 million from $STAK tokens.
It's important to note that many of these projects have since faced major devaluations, with some dropping over 90% from their peak prices. Some projects have even rebranded or pivoted following substantial losses.
SomaXBT draws parallels to regulated markets, suggesting that such activities in the stock market would likely attract regulatory attention.
Additionally, SomaXBT highlights MrBeast's earlier support for non-fungible tokens (NFTs) in a screenshot of a tweet where Donaldson mentions Gary Vee and loading up on some Vee friends.
Crypto.news has emailed MrBeast for an interview but has yet to receive a response.
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