YouTuber MrBeast allegedly netted $23m from crypto scams

James “Jimmy” Donaldson, known as MrBeast, one of the most prominent YouTubers with over 320 million subscribers, is under investigation for allegedly making millions through questionable cryptocurrency dealings. According to findings from blockchain analysts and experts from the advisory firm Loock.io, MrBeast and his influencer network may have used their massive online influence to promote questionable crypto projects, benefiting from insider trading practices.

Researchers, including SomaXBT and the Loock.io team, claim that MrBeast profited from low-cap tokens by using his influence to pump up their prices, only to later sell them off, leaving investors with losses. Loock.io’s report alleges a history of misleading promotions and market manipulation by MrBeast and his associates.

On-Chain Evidence Points to Suspicious Activity
The analysis, based on on-chain data, identified over 50 crypto wallets associated with MrBeast. Some of these wallets were linked through his publicly disclosed Ethereum address, which he revealed when purchasing a CryptoPunk during the NFT boom of 2021. This allowed investigators to trace additional wallets under his control. Several of these wallets were also found to share the same Gemini exchange deposit address, further confirming MrBeast’s involvement in the movement of funds.

Allegations of Insider Trading
The research suggests that MrBeast may have engaged in insider trading by promoting cryptocurrencies through his vast social media following, artificially inflating their prices, and then selling off his holdings at a profit. This type of activity is similar to pump-and-dump schemes, where assets are hyped up to create price surges, only to be sold off before the value collapses.

Given MrBeast’s stature and influence, these allegations could have serious implications, not only for him but also for the broader crypto space, potentially leading to increased scrutiny of influencer-driven promotions. If the claims are true, it could spark conversations around the ethical responsibilities of high-profile personalities in the cryptocurrency market.

MrBeast’s top earner

According to the Loock.io report, one of MrBeast’s largest earnings came from his involvement with SuperVerse, previously known as SuperFarm.

SuperVerse conducted an Initial Coin Offering (ICO), a fundraising method in which tokens are sold at discounted rates to early investors. MrBeast and his network helped promote the project through platforms like X (formerly Twitter) and YouTube, significantly boosting its visibility. Although many of these promotional posts have since been deleted, MrBeast still follows SuperVerse’s official page, suggesting ongoing interest in the project.

According to Loock.io, after the listing of SuperVerse’s coin, the value surged 50-fold, but many early investors faced restrictions due to legal loopholes. Despite this, MrBeast and his social media associates, including KSI, reportedly profited by selling tokens to SuperVerse supporters.

Loock’s findings indicate that MrBeast initially invested $100,000 into SuperVerse, which later yielded him approximately $7.5 million. In total, MrBeast and his network are said to have earned around $10 million from the project, representing nearly half of the alleged profits that Donaldson’s circle made from promoting questionable crypto ventures.

While many celebrities have ventured into the Web3 space, their efforts have often ended with failed projects or ghost coins, leaving retail investors with losses. This phenomenon, often referred to as a “celebrity grift” in the crypto community, has been particularly prominent within the Solana (SOL) ecosystem. In June alone, 30 meme coins were launched on Solana, many of which fizzled out shortly after their initial hype. As noted by crypto.news, most of these celebrity-backed projects quickly lost momentum after launch, further contributing to the volatile and sometimes deceptive nature of celebrity-driven crypto ventures.