YouTuber MrBeast allegedly netted $23m from crypto scams

MrBeast and members of the YouTube influencer circle allegedly made millions of dollars in profits from questionable crypto deals, according to a group of chain researchers.

With 320 million YouTube subscribers, James Stephen “Jimmy” Donaldson, also known as MrBeast, is one of the world’s most prominent social media figures. Its massive platform has served as a marketing channel for promising and sometimes controversial crypto projects.

Experts from consulting firm Loock.io and blockchain analysts such as SomaXBT, who previously accused Donaldson of making $10 million in undervalued tokens, claim that MrBeast used his influence to profit from insider trading.

The findings show that insider trading has a long history of misleading investors and using influence to promote tokens, only to later release them.

Loocke research paper

Citing on-chain data, researchers identified nearly 50 wallets linked to the YouTube personality. MrBeast previously announced its Ethereum (ETH) address; for example, when he bought CryptoPunk during the non-fungible token rally in 2021.

This disclosure allowed observers to connect additional wallets to MrBeast’s network. The fact that multiple addresses share the same Gemini currency deposit address also confirms the YouTuber’s control over the destination of the funds.

MrBeast’s highest earner

According to Loock’s document, SuperVerse, formerly known as SuperFarm, was one of MrBeast’s biggest earnings from various projects.

The project held an initial coin offering, which is a crypto term for selling tokens at lower prices to raise funds. MrBeast and its network have introduced the protocol on platforms such as X and YouTube. Although he has since deleted many of his promotional posts, MrBeast still follows SuperVerse’s page.

SuperVerse’s coin gained 50x in value after listing, but early investors faced restrictions due to regulatory loopholes. But social media partners, including MrBeast and KSI, reportedly made a profit by selling tokens to SuperVerse backers.

MrBeast initially invested $100,000 in SuperVerse, returning about $7.5 million, Loock said. The influencer and his network reportedly earned $10 million; This represents almost half of the total value Donaldson’s circle allegedly earned by promoting controversial crypto projects.

Many mainstream celebrities have gotten into web3, but cases often end in ghost coins and failed attempts at retail users. As crypto natives say, the “celebrity scam” of this cycle occurred largely with memecoins on Solana (SOL), and the SOL ecosystem benefited from the increased activity.

Popular names released 30 SOL meme coins in June alone. As crypto.news points out, most of the famous projects disappeared soon after launch.