MrBeast, one of YouTube’s most beloved content creators known for his extravagant giveaways and philanthropic videos, is now under fire. Allegations have surfaced suggesting he earned over $10 million by promoting and then dumping various altcoins, causing concern within the cryptocurrency community.

The Allegations

A blockchain investigator using the handle SomaXBT made these claims on the social media platform X (formerly Twitter). According to the investigator, MrBeast invested in several low-cap cryptocurrency projects, including SuperFarmDAO, and allegedly used his influence to inflate their value before selling off his holdings for a hefty profit. One of the most significant claims is that MrBeast invested $100,000 in SuperFarmDAO’s token, SUPER, and later exchanged millions of dollars in SUPER for Ethereum, ultimately profiting more than $9 million.

Other Projects Involved

The investigation didn’t stop at SuperFarmDAO. SomaXBT also accused MrBeast of similar actions in other crypto projects, such as Polychain Monsters, STAK, VPP, and SHOPX. In each case, the YouTuber allegedly promoted these tokens, only to sell his shares once the prices had inflated due to the exposure he provided.

While it’s unclear if MrBeast broke any laws, his actions have sparked a wider ethical debate in the crypto world. Pump-and-dump schemes involve promoting an asset to inflate its price, only for insiders to sell at the top, leaving regular investors with significant losses. This practice can damage the reputation of the cryptocurrency market, harming not just the projects involved but the entire industry.

Industry Backlash

Crypto insiders, including blockchain sleuth ZachXBT and Messari data engineer Mike Kremer, have spoken out against such practices. Kremer, in an August newsletter, argued that pumping and dumping low-cap tokens “destroys value” and exploits retail investors who are often drawn in by hype.

As of now, MrBeast’s team has not responded to the accusations. Whether these allegations will have lasting consequences for his reputation or the broader crypto community remains to be seen. However, the incident underscores the growing need for transparency and accountability in the often volatile world of cryptocurrency.