On-chain analysts have revealed that several crypto wallets affiliated with prominent YouTuber MrBeast made roughly $13 million by investing in pump-and-dump tokens. According to crypto analytics company Arkham Intelligence, the YouTuber’s main wallet, which he used to acquire NFTs a few years ago, purchased numerous controversial crypto tokens in 2021 and dumped them within a few hours for significant profits.
MrBeast Turns a $25k Investment Into $1.2M
Furthermore, on-chain sleuth SomaXBT revealed on Monday that MrBeast-linked crypto wallets only invested approximately $250,000 in those tokens to generate millions in profits. About $25,000 of the investment amount was used to buy 25,000 Polkamon (PMON) tokens. After holding PMON for four hours, MrBeast dumped it, pocketing a profit of roughly $1.2 million.
It is worth mentioning that another on-chain looker, ZachXBT, had accused Polkamon creator of launching numerous crypto projects in 2020 intended to enrich insiders and influencers by dumping their tokens on retail traders.
Besides PMON, MrBeast is reported to have profited massively from the SuperVerse (SUPER) token, which he promoted on X in 2021. According to SomaXBT, the YouTuber spent $100,000 USDC to buy about one million Superverse tokens that year. A month later, he dumped his entire SUPER holding after the token’s price surged 90%. MrBeast made $8.9 million on Superverse.
Coinbase Employee Questions MrBeast’s Involvement in Promoting Controversial Tokens
While on-chain sleuths believe that MrBeast was behind the transactions, Coinbase’s head of product, Conor Grogan, has cautioned the public against jumping to conclusions. He argues that there is a chance a friend of the YouTuber had unauthorized access to his X account and used it to promote and dump tokens.
Grogan’s argument might be true, considering that several celebrities have reported cases of their social media accounts being compromised and used to promote fake crypto tokens. For instance, US-based rapper Rich the Kid saw his X account hacked earlier this year, with the attacker sharing the address of a Solana meme coin launched on PumpFun. Those who invested in the token lost hundreds of dollars after the hacker dumped on them a few hours later.
