MrBeast Under Investigation for Connections to Over 50 Crypto Wallets Associated with Possible Insider Trading
James Donaldson, popularly known as MrBeast, has firmly established himself as a prominent figure on YouTube. Initially celebrated for his philanthropic videos, he now finds himself at the center of mounting controversies in 2024.
The trouble began when his close associate, Ava Kris Tyson, faced allegations of misconduct involving a minor. Mere weeks later, a former employee accused Donaldson of orchestrating widespread fraud, likening it to running an illegal lottery aimed at children.
These troubling revelations may represent a pivotal moment in MrBeast’s career. An early investigation revealed that he allegedly earned upwards of $10 million by endorsing low-cap IDO (initial DEX offering) crypto tokens, as reported by online investigator SomaXBT in a post on X.
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According to SomaXBT, “An investigation into @MrBeast reveals how he allegedly made over $10 million by promoting low-cap IDO crypto tokens pushed by influencers such as Lark Davis, CryptoBanter, KSI, and others. Many of these projects have since plummeted by over 90%, with some rebranding following significant losses. Let’s explore further.”
The scheme in question appears to follow a classic “pump and dump” strategy. After appearing in promotional materials or generating buzz around specific assets, Donaldson would sell off his holdings, reaping substantial profits while his followers faced losses as market prices crashed.
Now, two weeks after the original claims from SomaXBT, a more comprehensive report from loock.io, supported by on-chain data analysis, alleges that Donaldson profited over $23 million from crypto pump and dump operations since 2021. This analysis stemmed from a collaboration involving Kasper Vandeloock (@KasperLoock), @hxnterson, @angelfacepeanut, @rfparson, and the author of the initial investigation, @SomaXBT.
**Damning Evidence of Wallet Connections**
Donaldson’s primary crypto wallet, identified as 0x9e67D018488aD636B538e4158E9e7577F2ECac12, is widely recognized, as he has confirmed his ownership multiple times, notably in 2021 during a transaction involving 50 Ethereum (ETH).
Through investigative efforts, the team uncovered over 50 additional wallets linked to a common deposit address: 0xD6210f2dc5323f4a1B4b766a0e732d6DfA26935B. When multiple wallets transfer funds to the same address, it often indicates shared ownership or affiliation. This joint address, along with consistent transactions among the wallets, points to a potentially coordinated strategy.
*Network graph illustrating the connections between the wallets mentioned in the report. Source: loock.io*
**MrBeast’s Major Gains from a Single Token**
While the detailed 5,000-word report contains extensive information, a particularly striking aspect of the on-chain data highlights MrBeast’s involvement with SuperVerse (SUPER), previously known as SuperFarm. Heavily marketed by influencers like EllioTrades, this project aimed to create an NFT marketplace integrated with a gaming ecosystem.
Despite the project facing significant delays in development, the pre-sale initial coin offering (ICO) saw SUPER’s price surge by 50x, partially due to Donaldson’s active promotion of the token across social media platforms.
*MrBeast’s X post regarding SUPER. Source: loock.io*
However, early investors were reportedly refunded through legal loopholes, as suggested in the findings. A leaked screenshot from one of EllioTrades’ streams reveals a direct message from MrBeast stating, “So we can do the $100k, thing is that I…”. While not definitive, the evidence aligns with the on-chain analysis.
After receiving 1 million SUPER tokens on February 22, 2021, Donaldson’s main wallet transferred the entire amount to a secondary wallet on March 30, 2021. The following day, he liquidated all holdings, netting around $7.5 million. Over the next three months, his main wallet received eight supply unlocks, all of which were swiftly sold off. After deducting the initial $100,000 investment, the report estimates that Donaldson profited approximately $11,447,453.96.
Readers are encouraged to examine the findings independently, which indicate that MrBeast also earned $4,649,337, $1,724,652, and $484,817 from transactions involving Eternity Chain (ERN), PolyChain Monsters (PMON), and SHOPX, respectively. Additionally, he collaborated with other well-known influencers to profit from various pump and dump schemes.
