YouTuber MrBeast earned over $10m promoting low-cap tokens, on-chain crypto investigator says

MrBeast, the popular YouTube entertainer with over 320 million followers, is facing scrutiny following an investigation suggesting he may have profited significantly from low-cap cryptocurrencies. According to the anonymous investigator SomaXBT, MrBeast—whose real name is Jimmy Donaldson—has reportedly earned over $10 million by backing Initial DEX Offerings (IDOs) for projects like Polychain Monsters (PMON) and Virtue Poker (VPP).

SomaXBT has raised ethical concerns, likening MrBeast’s actions to a pump-and-dump scheme. The criticism stems from the notion that by promoting these tokens to his massive audience and subsequently selling them after their value increases, he could be harming regular investors who may suffer losses.

“This is the shady stuff they’ve all done in the crypto market,” SomaXBT commented on X, referring to social media influencers. He emphasized that if similar actions occurred in the stock market, regulatory bodies like the SEC would likely intervene.

The investigation utilized on-chain data from Arkham Intelligence to trace wallet activity attributed to MrBeast. The analysis suggests his involvement extends beyond just a few projects, including SuperFarm ($SUPER), SPLYT ($SHOPX), and STAK, highlighting the risks associated with influencer-backed cryptocurrency promotions.

The investigation into MrBeast’s cryptocurrency activities highlights significant profits tied to his involvement with various tokens, particularly the $SUPER token from SuperFarmDAO. According to SomaXBT, MrBeast allegedly invested $100,000 in $SUPER and received 1 million tokens, which were later sold for about 1,900 ETH—approximately $3.7 million at that time. Additionally, further vested tokens reportedly earned him around $5.5 million, bringing his total earnings from $SUPER to roughly $9 million.

Similar patterns emerged with other tokens. For instance, a $25,000 investment in Polychain Monsters ($PMON) is claimed to have resulted in profits of $1.7 million, while another $25,000 in the $SHOPX token yielded around $765,000. Furthermore, MrBeast allegedly made $1.25 million from $STAK tokens.

SomaXBT pointed out that many of these projects have since experienced significant devaluations, with some dropping over 90% from their peak prices. Several projects have also undergone rebranding or pivoting in response to substantial losses.

The investigator emphasizes that such trading practices, if conducted in regulated markets like the stock market, would likely attract scrutiny and regulatory action, drawing attention to the ethical implications of influencer involvement in the crypto space.

SomaXBT also highlighted MrBeast’s previous endorsement of non-fungible tokens (NFTs), pointing to a tweet where Donaldson expressed his support for Gary Vee, mentioning that he had “loaded up on some VeeFriends.” This reference underscores MrBeast’s engagement in the crypto and NFT space, suggesting a pattern of promoting various digital assets to his large audience. The tweet serves as an example of his involvement in the broader crypto market, which has raised ethical questions about influencer responsibility and the impact of such promotions on regular investors.