MrBeast is one of the highest-grossing streamers with 320 million subscribers and many successful channels. Known for its challenging yet rewarding competitions, MrBeast is also known for buying up everything people have in their cars at malls. Being so popular causes it to constantly be featured in various positive or negative news. Today, it is facing various scandals and legal problems, including allegations of crypto pump and dump fraud.
Legal Struggles and Cases
In October, MrBeast was accused of selling moldy cheese in one of its products. This incident led to a lawsuit being filed and the FBI getting involved. However, this is just the beginning, and more allegations came to light after Rosanna Pansino shared screenshots of the YouTubers’ company group chat with the FBI.
Investors made allegations that MrBeast increased demand by introducing many cryptocurrencies and then sold them at a high price, causing token prices to fall. These types of pump and dump scams are becoming increasingly common in the industry. Recently, a Dubai investor reportedly raised $30 million with crypto celebrities.
Increasing Claims
Following discussions by famous YouTubers such as Rosanna Pansino and DogPacks404, analysts began investigating MrBeast’s crypto activities. Loockio’s report revealed that MrBeast generated over $23 million in revenue with 50 crypto wallets.
I reported my findings and concerns to the authorities. I hope they look into these MrBeast Telegram Company Chat Logs and other concerns.
— Rosanna Pansino (@RosannaPansino)
Researchers stated that MrBeast has a long history of insider trading, engaging in misleading practices and promoting cryptocurrencies with low market value. In particular, the SuperVerse (SUPER) token increased its value with the promotion of MrBeast and other YouTubers, and huge profits were subsequently made.
MrBeast was also seen to be actively interested in other tokens such as EthernityChain (ERN), AIOZ, and Refinable (FINE). In total, he allegedly made $23 million through such crypto promotions or scams since 2021.
These allegations have raised important questions about how such manipulations in the cryptocurrency market are carried out, despite MrBeast having a solid image. It is important for investors to be careful and act consciously against such activities.
It remains a matter of curiosity how MrBeast will deal with these scandals and how their future projects will be affected.
It is recommended that investors be more careful and do research when making investments based on the recommendations of popular influencers.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
