Vanessa
YouTube influencer James Stephen “Jimmy” Donaldson, popularly known as MrBeast, continues to be at the center of allegations involving profitable but questionable cryptocurrency transactions.
A report by blockchain analyst and advisory firm Loock.io alleges that MrBeast, who has 320 million subscribers on YouTube alone, used his substantial social media influence to engage in insider trading and promotional schemes. These allegedly netted him some $23 million in questionable profits.
Analysts from Loock.io, supported by blockchain expert SomaXBT, traced nearly 50 wallets linked to Donaldson. The data suggested a coordinated effort to promote certain crypto tokens before selling them off at peak prices—a practice commonly referred to as “pump and dump.”
The investigation also highlights his involvement with SuperVerse, formerly known as SuperFarm, where MrBeast is said to have turned a $100,000 investment into approximately $7.5 million.
The report further alleges that MrBeast, alongside other social media figures like KSI, exploited legal loopholes allowing them to sell their tokens ahead of public trading restrictions, potentially at the cost of general investors. KSI, whose real name is Olajide Olayinka Williams Olatunji, went under fire in early 2024 after being caught using pump-and-dump strategies on his crypto account on X. Another YouTuber, Logan Paul, also allegedly used his massive online influence to promote the CryptoZoo scam.
The Shib Daily previously wrote how such influencer-backed tokens often crash, leaving investors with painful losses. This raises ethical questions about influencers using their platforms in volatile markets like crypto. Calls for clearer regulations have intensified to protect investors from such predatory practices.
Read More
- Trump Crypto Project Reportedly Secures 100K Signups Before Major Token Launch
- Shiba Inu Warns Against Celebrity-Fueled Crypto Frenzy
- Logan Paul vs Coffeezilla: When ‘The Maverick’ Met His Match (and Got Roasted)
Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
