The post Mr. Beast Accused of Crypto Manipulation: $23M Profit Under Scrutiny appeared first on Coinpedia Fintech News
Jimmy Donaldson famously known as Mr.Beast has been criticised for what people view as an attempt to use his large audience to make financial gains within the crypto industry. Currently following over 31.2 million people, the YouTuber and entrepreneur is accused of insider trading, misleading promotions, and pump-and-dump schemes which are said to have made him over $23 million from dozens of crypto projects.
Stated Gains in Crypto Enterprise
According to a comprehensive investigation of Mr Beast by expert researchers, MrBeast has taken to purposely promoted particular tokens to increase their price so he can then sell off the now higher-valued tokens at a profit.
His earnings from such activities are reported as follows: $11.45M from $SUPER, $4.65M from $ERN, $1.72M from $PMON, $1.31M from $STAK, $1M from $AIOZ
These promotions were reportedly aimed at making investors lose huge sums of money after the token prices plummeted right after his sale.
Method of Manipulative Behavior
It is not the first time influencers have been criticized for promoting cryptocurrencies. The recent scandals involving Logan, Jake Paul, KSI and other celebrities have also shown other similar techniques of advertising tokens dishonestly. Mr Beast’s case escalates the problem because he is an influencer and a charitable person whom his fans trust.
Investor fallout
Opponents believe that such schemes deprive the industry of trust, which is already scarce given a lack of oversight. Ordinary people investing money they earned on these tokens especially when influenced by influencers like MrBeast woke up one morning to realize their tokens were worth close to nothing.
These have prompted industry players to demand more regulation of influencers in the space. Depending on the ongoing investigations, the case has again drawn discussion concerning ethical behaviour in the marketing of financial products.
MrBeast has not spoken publicly about the issue either for now. However, the end result could act as a decisive turning point for holding persons accountable for operating within the digital asset space.
