- MrBeast’s alleged $23M crypto profits highlight risks for investors as influencers pump and dump low-cap tokens, triggering steep losses.
- SuperVerse’s 50x price spike and sudden sell-off by MrBeast reportedly left investors with massive losses, sparking community backlash.
- Celebrity-backed crypto ventures on Solana saw initial buzz, but most dropped over 90%, showing high risks in hype-driven tokens.
MrBeast, a prominent influencer with over 31.2 million followers, is embroiled in allegations of manipulating crypto markets, amassing profits exceeding $23 million. According to crypto investigator SomaXBT, MrBeast reportedly misled investors, used his influence to pump tokens, and later dumped them, reaping substantial gains.
The controversy centers around several low-cap tokens, including SuperVerse ($SUPER), Eternity Chain ($ERN), and PolyChain Monsters ($PMON), where investors faced losses of up to 90% after price crashes.
How MrBeast Allegedly Profited from SuperVerse
One of MrBeast’s notable transactions involved SuperVerse, formerly known as SuperFarm, which he promoted heavily. His public support coincided with a 50x price increase, sparking widespread excitement among early investors.
However, controversy soon emerged as he allegedly sold 1 million SUPER tokens, netting $7.5 million. Additionally, reports suggest MrBeast received subsequent token unlocks, accumulating total profits from SUPER at $11.5 million.
SomaXBT’s investigation claims MrBeast coordinated with other influencers, like EllioTrades, to elevate SUPER’s value artificially before quickly offloading his holdings. The rapid sell-offs left investors with heavy losses and raised concerns about his intentions.
A Network of Linked Wallets Raises Red Flags
The investigation by SomaXBT, with blockchain analysts Kasper Vandeloock and Hxnterson, tracked a network of wallets linked to MrBeast’s main account. These wallets, verified through public statements by MrBeast, reportedly funneled substantial crypto assets into his primary wallet. Consequently, analysts suggest coordinated efforts were in place to manage transactions and maximize profits from these crypto tokens.
Read CRYPTONEWSLAND on
google news
Besides SuperVerse, other tokens like Eternity Chain and PolyChain Monsters reportedly enriched MrBeast’s main wallet, netting him an estimated $4.6 million and $1.7 million, respectively. Additionally, loock.io’s findings point to ongoing coordinated sales with other influencers, further driving token prices before massive sell-offs.
Celebrity Influence on Solana’s Meme Coins
Mainstream celebrities’ entry into Web3 has left many retail investors disillusioned. Recently, Solana has seen an influx of celebrity meme coins, but most tokens, despite initial hype, have plunged drastically. In June alone, 30 celebrity-backed tokens launched on Solana; many have since lost 90% of their value.
This scandal adds fuel to the debate over ethical practices within the influencer-driven crypto market. MrBeast’s involvement emphasizes the need for transparency and raises questions about the potential risks faced by retail investors in celebrity-promoted projects.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
