MrBeast Linked to Over 50 Crypto Wallets in Alleged Insider Trading Scheme

A recent investigation has uncovered that popular YouTube star James Stephen Donaldson, widely known as MrBeast, is allegedly connected to over $23 million in profits from various cryptocurrency trades, which may involve insider trading activities. The report from advisory firm Loock.io indicates that MrBeast and his network of influencers leveraged their social media influence to promote and profit from several crypto tokens, potentially harming investors in the process.

• The analysis revealed that approximately 50 crypto wallets are associated with MrBeast's network, making it easier for investigators to track trading activities.

Profitable Token Trades

According to Lookonchain, several tokens were identified as part of these trades. The profits from these tokens include:

• SuperVerse (SUPER): $11.45 million
• Ethernity Chain (ERN): $4.65 million
• Polkamon (PMON): $1.72 million
• STAK: $1.31 million
• AIOZ: $1 million

Loock.io highlighted that the trading activities were traceable due to a public Ethereum wallet historically used for NFT purchases, which helped analysts connect transactions across related wallets.

Examples of Alleged Trading Activities

One wallet linked to MrBeast reportedly invested $25,000 in PMON and later sold it for $1.3 million. An on-chain analyst, ZachXBT, had previously flagged these trading activities.

• MrBeast received a substantial allocation of tokens during the ERN pre-sale and later transferred a significant portion of these tokens to specific wallet addresses, resulting in profits exceeding $1.83 million.

• Another notable investment was in SuperVerse, where MrBeast allegedly turned an initial investment of $100,000 into approximately $7.5 million in returns.

Influencer Network Involvement

The investigation suggests that MrBeast's network, which includes other influencers like KSI, benefited significantly by promoting and selling tokens to their followers, collectively earning around $10 million. This trend highlights a broader issue where public figures endorse cryptocurrency projects that often lead to losses for retail investors.

• The report also notes that many meme coins launched by celebrities have experienced significant declines, with some dropping over 94% from their peak values.

The allegations against MrBeast raise serious questions about the ethics of influencer involvement in cryptocurrency trading. As the investigation continues, it underscores the need for greater transparency and accountability in the crypto space, especially regarding the potential impact on retail investors.