MrBeast, a popular YouTube entertainer with over 320 million followers, is facing scrutiny after an on-chain investigation suggested he may have earned millions from low-cap cryptocurrencies.

Allegations of Profiting from Initial DEX Offerings (IDOs)

According to the anonymous crypto sleuth known as SomaXBT, Jimmy Donaldson, better known as MrBeast, allegedly earned over $10 million by backing Initial DEX Offerings (IDOs) for projects such as Polychain Monsters (PMON) and Virtue Poker (VPP). SomaXBT likens these actions to a pump-and-dump scheme, where influencers promote tokens to their followers and sell them once their value increases, potentially causing losses for regular investors.

“This is the shady stuff they’ve all done in the crypto market. If they had done this in the stock market, the SEC would be after them,” stated SomaXBT on social media platform X.

SomaXBT leverages on-chain data to enhance transparency and hold the crypto community accountable. His work, particularly his posts from October 11, underscores the risks associated with influencer-backed token promotions.

MrBeast’s Involvement with Various Tokens

The investigation suggests that Donaldson’s involvement spans several projects, including SuperFarm ($SUPER), Polychain Monsters ($PMON), SPLYT ($SHOPX), STAK, and Virtue Poker ($VPP). The analysis is based on wallet activity labeled as ‘Mr. Beast’ on Arkham Intelligence.

Investment in SuperFarm ($SUPER)

SomaXBT claims that Donaldson invested $100,000 in SuperFarmDAO, acquiring 1 million $SUPER tokens. Allegedly, these tokens were later sold for around 1,900 ETH, which was approximately $3.7 million at the time. Additional vested tokens reportedly netted the YouTube star another $5.5 million, bringing his total earnings from $SUPER to around $9 million.

Other Token Investments

Similar patterns were observed with other tokens:

  • $PMON: A $25,000 investment allegedly resulted in $1.7 million in profits.
  • $SHOPX: Reportedly yielded $765,000 from an initial $25,000 investment.
  • $STAK: Allegedly resulted in earnings of $1.25 million.

SomaXBT notes that many of these projects have since faced significant devaluations, with some down over 90% from their peak prices. Several projects have rebranded or pivoted following these losses.

SomaXBT draws parallels to regulated markets, suggesting that such activities in the stock market would likely attract regulatory attention.

Previous NFT Involvement

SomaXBT also reminded the community about MrBeast’s earlier support for non-fungible tokens (NFTs). A screenshot of a tweet shows Donaldson mentioning Gary Vee and stating that he had invested in some Vee friends.

Crypto.news reached out to MrBeast for an interview but has not yet received a response.

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