As a seasoned analyst with years of experience in the crypto space and a keen eye for spotting trends, it’s hard not to raise an eyebrow at the allegations against MrBeast. The accusation that he’s involved in promote-and-dump schemes is troubling, especially considering his massive influence on the platform.
One of the well-known personalities on YouTube, MrBeast, is under scrutiny for his involvement in supposed cryptocurrency pump-and-dump strategies, which are claimed to have netted him over $10 million.
The accusations were levied against MrBeast by a blockchain investigator using the handle “SomaXBT” on the X social media platform.
Based on reports from SomaXBT, it is said that MrBeast gained more than $10 million through supporting initial decentralized exchange offerings (IDO) of cryptocurrency tokens which were endorsed by influencers such as Lark Davis, CryptoBanter, KSI, and others.
Promote and dump
According to SomaXBT’s investigation, it is claimed that MrBeast invested $100,000 in a venture called “SuperFarmDAO.” Subsequently, he may have leveraged his influence to artificially boost the value of the related SUPER token before selling off his shares.
As reported by SomaXBT, this action resulted in MrBeast swapping a vast sum of SUPER tokens for Ether (ETH), transferring it across multiple digital wallets. In the end, he managed to earn over $9 million from these transactions.
CryptoMoon reached out to MrBeast’s media team for comment but didn’t receive an immediate response.
According to SomaXBT’s account, MrBeast is said to have endorsed and later abandoned digital assets linked to the Polychain Monsters, Stake ($STAK), Vulcan Forged ($VPP), and ShopX ($SHOPX) projects.
Destruction of value
At present, it’s uncertain if MrBeast intentionally or accidentally misrepresented his views on the mentioned projects, as his statements, observed by CryptoMoon, fail to show any strong, ongoing support for these projects.
In addition, these reported actions are deeply rooted in a wider discussion that’s currently taking place within the cryptocurrency sector as a whole.
According to a recent report by CryptoMoon, numerous experts within the crypto field are of the opinion that manipulating and abandoning low-cap tokens harms the overall cryptocurrency community. Unsurprisingly, there’s been plenty of criticism directed towards those involved in these types of activities.
For instance, Mike Kremer, a data engineer at Messari, expressed his concern about this practice in a newsletter dated August 19th. He stated that such actions erode value not only for the specific project but also for the entire cryptocurrency market as a whole.
Per Kremer:
“Here, insiders or cartels create tokens like supercumrocket69, hype them up, and lure retail investors into bidding on these ‘revolutionary’ new assets.”
Known detective in the blockchain community, ZachXBT, has publicly criticized crypto influencer and trader Ansem, accusing him of endorsing less popular tokens and orchestrating a series of meme coin price manipulations.
Read More
- DYM PREDICTION. DYM cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- CYBER PREDICTION. CYBER cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- POPCAT PREDICTION. POPCAT cryptocurrency
- SKEY PREDICTION. SKEY cryptocurrency
- TURBO PREDICTION. TURBO cryptocurrency
- Top gainers and losers
- BNB PREDICTION. BNB cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
2024-10-14 21:14