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MrBeast Allegedly Raised $10 Million After Promoting and Dumping Altcoins

The YouTube creator does not appear to have broken any laws, but his actions have raised ethical concerns within the crypto community.

MrBeast, one of YouTube’s most popular creators, has been accused of participating in cryptocurrency promotion and dump schemes that reportedly netted him over $10 million.

The allegations were made against MrBeast by a blockchain researcher who goes by the handle SomaXBT on the social network X.

According to SomaXBT, MrBeast “allegedly made over $10 million by supporting low-cap IDO cryptocurrency tokens promoted by influencers such as Lark Davis, CryptoBanter, KSI, and others.”

Promotion and Dumping

The SomaXBT investigation alleges that MrBeast invested $100,000 in a project called SuperFarmDAO. He then allegedly used his status as an influencer to inflate the project’s SUPER token before dumping his holdings. This, according to SomaXBT, led MrBeast to exchange millions of dollars worth of SUPER for Ether and move it through multiple wallets, where he eventually made over $9 million in profit. Cointelegraph reached out to MrBeast’s media team for comment but did not immediately receive a response. SomaXBT went on to describe similar activities by MrBeast, claiming that he promoted and then dumped assets associated with Polychain projects Monsters, STAK, VPP and SHOPX.