YouTube personality James Stephen Donaldson, known as MrBeast, has been linked to over $23 million in alleged profits from cryptocurrency trades that may involve insider trading, according to an investigation by advisory firm Loock.io.
The report claims that MrBeast and his influencer network used their social media presence to promote and profit from several crypto tokens at the expense of investors. The tokens allegedly involved in these trades include SuperVerse (SUPER), Ethernity Chain (ERN), Polkamon (PMON), STAK, and AIOZ.
Loock.io’s findings indicate that approximately 50 crypto wallets are linked to MrBeast’s network. The investigators suggest that his trading activity was trackable due to a public Ethereum wallet, historically used for NFT purchases, which helped analysts connect transactions across associated wallets.
Examples of the alleged schemes include a wallet associated with MrBeast investing $25,000 in PMON and later selling it for $1.3 million. The investigation also suggests that his network, which includes other influencers like KSI, benefited by promoting and selling tokens to their followers, collectively earning an estimated $10 million.
This alleged activity reflects a broader trend where public figures promote cryptocurrency projects that frequently result in losses for retail investors, particularly evident with meme coins on the Solana (SOL) network, where celebrities launched 30 meme coins in June alone. On average, these tokens have plummeted by 94% from their peak values, with the top performers still experiencing losses of over 70% and nearly half losing more than 99% since their launch.
Loock.io’s findings indicate that approximately 50 crypto wallets are linked to MrBeast’s network. The investigators suggest that his trading activity was trackable due to a public Ethereum wallet, historically used for NFT purchases, which helped analysts connect transactions across associated wallets.
Examples of the alleged schemes include a wallet associated with MrBeast investing $25,000 in PMON and later selling it for $1.3 million. The investigation also suggests that his network, which includes other influencers like KSI, benefited by promoting and selling tokens to their followers, collectively earning an estimated $10 million.
This alleged activity reflects a broader trend where public figures promote cryptocurrency projects that frequently result in losses for retail investors, particularly evident with meme coins on the Solana (SOL) network, where celebrities launched 30 meme coins in June alone. On average, these tokens have plummeted by 94% from their peak values, with the top performers still experiencing losses of over 70% and nearly half losing more than 99% since their launch.