Popular YouTuber MrBeast, known for being one of the platform’s top creators, is facing allegations of taking part in “promote-and-dump” cryptocurrency schemes. Reports claim he may have earned more than $10 million through such actions.

The accusations were brought to light by a blockchain investigator named SomaXBT on the social media platform X (formerly Twitter).

Embed link: https://x.com/somaxbt/status/1844718154804609266

According to SomaXBT, MrBeast invested $100,000 in a project called SuperFarmDAO. Allegedly, he used his influence to drive up the value of the project’s token, known as SUPER. Once the token gained value, it’s claimed that MrBeast sold his holdings, converting millions of dollars in SUPER into Ether (ETH). This move supposedly resulted in a profit of over $9 million.

In addition to SuperFarmDAO, SomaXBT accused MrBeast of similar actions in other cryptocurrency projects, including Polychain Monsters, STAK, VPP, and SHOPX. In these cases, he reportedly promoted the tokens, then sold them off for a profit after the price increased.

It remains uncertain whether MrBeast was fully aware of how his involvement affected these projects or if his actions were part of a broader strategy. Cointelegraph reached out to MrBeast’s media team but did not get an immediate reply.

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Concern about The Scheme

The accusations against MrBeast come amid growing concern in the cryptocurrency community about the harmful effects of pump-and-dump schemes, particularly on smaller tokens. Many argue that these actions harm both individual projects and the wider crypto market.

When influencers or insiders create buzz around lesser-known tokens, it often leads to retail investors buying in at inflated prices. Once the price rises, the promoters sell their holdings, leaving regular investors with losses.

Other influencers have also been accused of similar behavior. Blockchain investigator ZachXBT recently called out a trader named Ansem for allegedly manipulating memecoins in the same way.

These types of scams are increasingly targeting social media users, using advanced strategies to lure victims. Some scammers even pretend to be well-known investment advisors or respected market commentators to convince people to participate.