YouTube sensation MrBeast, one of the platform’s top creators, has been accused of engaging in “promote-and-dump” cryptocurrency schemes, which have allegedly netted him more than $10 million.
The accusations were made by a blockchain investigator using the handle SomaXBT on the social media platform X.
According to SomaXBT, MrBeast invested $100,000 in a project called SuperFarmDAO and allegedly used his influence to inflate the value of the project’s related token, SUPER. The investigation claims that after promoting the token, MrBeast sold off his holdings, converting millions of dollars’ worth of SUPER into Ether, ultimately profiting more than $9 million.
SomaXBT further accused MrBeast of similar activity in other projects, including Polychain Monsters, STAK, VPP, and SHOPX, where he supposedly promoted and then sold off his assets for a profit.
It remains unclear whether MrBeast knowingly misrepresented his involvement in these projects or was unintentionally involved in what has been labeled as pump-and-dump activity. Cointelegraph reached out to MrBeast’s media team for comment but did not receive an immediate response.
Broader debate in the crypto community
The allegations against MrBeast come amidst ongoing discussions in the cryptocurrency community regarding the harmful impact of pump-and-dump schemes on low-cap tokens. Many in the industry are concerned that such actions erode value both for individual projects and the broader cryptocurrency sector. Moreover, insiders and influencers often create hype around small tokens, encouraging retail investors to buy in before selling off for their own gain.
Blockchain sleuth ZachXBT has also called out other influencers for similar behavior, recently accusing trader Ansem of facilitating pump-and-dump schemes with memecoins.
The perpetrators of so-called ‘ramp and dump scams‘ now focus on social media channels and employ increasingly sophisticated tactics to persuade victims to join. Sometimes, they have impersonated famous investment advisors and popular market commentators to draw victims into the scheme.
