MrBeast’s Affiliated Crypto Wallets Rake in $13 Million from Tokens Endorsed by Influencers – Decrypt

Crypto wallets associated with YouTube star MrBeast reportedly reaped around $13 million by taking advantage of a series of token launches labeled as pump-and-dumps by analysts, according to new on-chain analysis.

The primary wallet, linked to MrBeast—real name Jimmy Donaldson—which he previously disclosed using for NFT purchases, participated in the token sales of numerous controversial crypto projects. Subsequently, it swiftly offloaded these assets at significant profits.

Research by pseudonymous on-chain analyst SomaXBT indicated that wallets associated with MrBeast made close to $13 million from disposing of several tokens acquired, mainly during the course of 2021, for potentially as little as $250,000.

One instance involved an investment of $25,000 in the Ethereum meme coin Polkamon (PMON) in return for 25,000 PMON tokens. Hours later, the MrBeast-linked wallet sold off the tokens for a profit of nearly $1.3 million.

As detailed by pseudonymous on-chain investigator ZachXBT, Polkamon was accused of enriching insiders by dumping on unsuspecting retail traders. In mid-2021, Polkamon was characterized by ZachXBT as a project with questionable practices in the crypto space.

The wallet also profited from other tokens like SuperVerse (SUPER), a project endorsed by MrBeast in 2021. The wallet exchanged $100,000 USDC for one million SUPER tokens and promptly sold them at their peak price, leading to a subsequent drop of over 90% in value.

Altogether, the MrBeast-associated wallet generated more than $9 million in profits from SUPER transactions.

While the activities are associated with a crypto wallet attributed to MrBeast, it remains uncertain if MrBeast himself executed the trades.

Conor Grogan, Coinbase’s head of product, previously examined transactions from the implicated wallet. However, he urged caution in drawing conclusions from on-chain behavior.

“It’s always a possibility that someone unrelated is behind those accounts,” Grogan said. “It’s challenging to pinpoint. Therefore, I prefer not to accuse without solid evidence.”

Decrypt reached out to MrBeast and his team for comments on the transactions but has not received a response.

Edited by Andrew Hayward