- The report was published by a relatively unknown crypto researcher, Loock.io
- The report alleged that MrBest made the money “from a multitude of scams, shady deals, and his network”
- Crypto insiders have questioned the credibility of the researchers and reliability of the report
A new report by researchers has revealed how one of the world’s biggest celebrities and the star with the most subscribed Youtube account, MrBest, earned $23 million in crypto.
The report, published by a relatively unknown crypto researcher Loock.io, said MrBest made the money “from a multitude of scams, shady deals, and his network.”
“A team of researchers has since conducted a more detailed analysis, uncovering connections to over 50 cryptocurrency wallets linked to MrBeast. Their findings suggest a long history of insider trading, misleading investors, and using his influence to promote tokens, only to later dump them on the market,” the report read.
This tactic, known as the "pump and dump" strategy, is frequently employed by celebrities who attempt to get involved in cryptocurrency.
The report was also shared on X by a crypto investigator, SomaXBT. MrBeast or his group purchased specific cryptocurrency tokens, advertised them, and then sold them for a profit using more than 50 cryptocurrency wallets, the report revealed.
Source: Loock.io
“He allegedly made $10M+ by backing low-cap IDO crypto tokens promoted by influencers like Lark Davis, CryptoBanter, KSI, and others. Many of these projects are now down over 90%, with some rebranding after major losses,” SomaXBT posted.
While SomaXBT alleged the MrBest made $10 million from, the report allged that the amount was $23 million.
SomaXBT revealed further that “$SUPER by superfarmDAO (now @superverse) This is the MrBeast made $9 million+ from the $SUPER token by superfarmDAO (now @superverse) by investing $100k and supporting the SuperFarm project.”
One of the primary platforms being examined is SuperVerse, a gaming NFT marketplace that was formerly known as SuperFarm. According to the reports, in early 2021, MrBeast received one million SUPER tokens, which he subsequently sold to earn about $7.5 million in a single month. He reportedly earned an extra $11.4 million in the months that followed.
Source: X
Additionally, screenshots from a chat seem to show MrBeast talking about paying cryptocurrency influencer EllioTrades $100,000 to promote the project.
On the flipside, crypto insiders are doubting the credibility of the researchers and reliability of the report. One critical thing is that the researchers only had pseudonymes on X, formerly Twitter, and had few followers.
Furthermore, there is no information about the business, location, or legal details of operations on the lead researcher's website, which is a default SquareSpace template with hardly enough content to allow it to function, a Protos staff member wrote.
Furthermore, the document uses terms like "we believe," "a strong indicator," "they may have had insider information," and "highly likely to have lost their money" to hedge the majority of its claims regarding MrBeast's cryptocurrency profitability.
5 Exchanges to trade $X Empire token
Meanwhile, TheRadar earlier reported that while millions of crypto enthusiasts and users worldwide are excited about the coming listing of $X, many do not know the exchanges and where they can trade the coin. Below are the exchanges announced by the X Empire developers where the $X coin will start listed and trading on October 24.
1. Bybit
Bybit is one of the top-tier and most popular crypto exchanges in the world. The developers of X Empire have said the $X coin will be listed on Bybit for spot trading on October 24.
