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MrBeast promotes low-cap tokens, earns $10m: crypto watchdog
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5 hours agoon
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adminMrBeast, a YouTube entertainer with over 320 million followers, has come under scrutiny following an on-chain investigation that suggests he may have earned millions from low-cap crypto.
According to the anonymous crypto sleuth known as SomaXBT, MrBeast — whose real name is Jimmy Donaldson — earned over $10 million from backing Initial DEX Offerings (IDOs) for projects like Polychain Monsters (PMON) and Virtue Poker (VPP).
It’s an ethical red flag, SomXBT says, equating it to a pump-and-dump scheme. By promoting the tokens to millions of followers, only to sell them after their value surges, causes regular investors to suffer a loss.
“This is the shady stuff they’ve all done in the crypto market,” SomXBT stated on X, referring to social media influencers. “[If] they had done this in the stock market, the SEC would be after them.”
SomaXBT uses on-chain data to track to increase transparency and hold the crypto community accountable. His work, evident in his Oct. 11 posts, highlights the risks of influencer-backed token promotions.
MrBeast’s involvement with SUPER
According to the investigation, Donaldson’s involvement spans several projects, including SuperFarm ($SUPER), Polychain Monsters ($PMON), SPLYT ($SHOPX), STAK, and Virtue Poker ($VPP).
The analysis is based on wallet activity labeled as ‘Mr. Beast’ on Arkham Intelligence.
One of the most important involvements was alleged to be the $SUPER token by SuperFarmDAO. SomaXBT claims that Donaldson invested $100,000 and subsequently received 1 million $SUPER tokens.
The investigation alleges that these tokens were later sold for approximately 1,900 ETH, worth about $3.7 million at the time.
Additional vested tokens reportedly netted the YouTube star another $5.5 million. This allegedly brought his total earnings from $SUPER to around $9 million.
Similar patterns were observed with other tokens. SomaXBT stated that in the case of $PMON, a $25,000 investment allegedly resulted in $1.7 million in profits.
The $SHOPX token reportedly yielded $765,000 from an initial $25,000 investment. The investigation also points to earnings of $1.25 million from $STAK tokens.
SomaXBT notes that many of these projects have since faced major devaluations, with some down over 90% from their peak prices. Some projects have rebranded or pivoted following major losses.
SomaXBT draws parallels to regulated markets, suggesting that such activities in the stock market would likely attract regulatory attention.
SomaXBT also reminded the community about MrBeast’s earlier support for non-fungible tokens, or NFTs. A screenshot of a tweet shows Donaldson’s mentioning Gary Vee and openly stating that he loaded up on some Vee friends.
Crypto.news emailed MrBeast requesting an interview but hasn’t heard back.
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Ethereum-Based Virtual Reality Platform Decentraland Tops Santiment’s Rankings of NFT Projects by Development
Published
2 hours agoon
October 13, 2024By
adminThe Ethereum (ETH)-based virtual reality platform Decentraland (MANA) clocked more notable development activity than any other non-fungible token (NFT) project in the past month, according to the crypto analytics firm Santiment.
Santiment notes on the social media platform X that Decentraland registered 168.17 notable GitHub events in the past 30 days.
Flow (FLOW), a layer-1 permissionless blockchain, ranked second with 119.57 events, and Metaplex (MPLX), a decentralized NFT platform built on Solana (SOL), placed in a distant third with 19.13.
Santiment notes that it does not count routine updates and utilizes a “better methodology” to collect data for GitHub events based on a “backtested process.”
The analytics firm has previously said that heavy development activity centered around a crypto project indicates developers believe in the protocol. Development activity also suggests that the project is less likely to be an exit scam.
MANA is trading at $0.294 at time of writing. The 135th-ranked crypto asset by market cap is up nearly 7% in the past 24 hours.
FLOW is currently trading at $0.539. The 94th-ranked crypto asset by market cap is up more than 5% in the past day.
MPX, the 175th-ranked crypto asset, is trading at $0.416 at time of writing and is down nearly 0.5% in the past 24 hours.
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Craig Wright, the controversial figure who claims to be Bitcoin’s creator, lashed out at Michael Saylor, co-founder of MicroStrategy, accusing him of distorting the true essence of Bitcoin.
Wright’s condemnation comes on the heels of Saylor’s announcing that he wants to turn MicroStrategy into a merchant bank for Bitcoin (BTC).
In a blistering critique, posted to X on Oct. 12, Wright said Bitcoin “has been distorted, manipulated, and centralized—now incapable of facilitating simple transactions without the intervention of intermediaries.”
Wright directed his ire at Saylor specifically for “building a so-called ‘Bitcoin bank’ to serve as the very obstacle that Bitcoin was designed to eliminate.”
Saylor recently told Bernstein analysts that MicroStrategy is “a Bitcoin finance company” and that the goal is to amass $150 billion In Bitcoin holdings. The Tysons Corner, Virginia-based company is the largest corporate Bitcoin holder globally.
“This is not innovation,” Wright said. “This is the betrayal of the principles Bitcoin was built upon.” See the full statement below.
Saylor vs. Wright
Wright’s criticism comes at a time when Saylor is positioning MicroStrategy as a major BTC holder and an advocate for Bitcoin as “digital gold.”
Wright, however, suggests that Saylor’s strategy distorts Bitcoin’s original purpose. He continues:
“To call BTC ‘Bitcoin’ while simultaneously profiting from the very middleman role that true Bitcoin rejects is the height of deception, and it is through this misrepresentation that Saylor seeks to build his empire.”
This critique reflects a broader, ongoing debate within the cryptocurrency community about the true vision of Bitcoin. While Saylor is seen by many as a key figure in bringing institutional attention to BTC, Wright and others claim that BTC has strayed from Bitcoin’s original goals, particularly regarding scalability and transaction fees.
Wright’s condemnation is sure to ignite further discussions, as the rift between different factions of the Bitcoin community—particularly BTC and Bitcoin SV proponents—continues to deepen.
Bitcoin SV is a cryptocurrency that originated from a hard fork of Bitcoin Cash (BCH) in November 2018.
Saylor has been an outspoken advocate for Bitcoin as a long-term investment, buying billions of dollars worth of BTC through MicroStrategy. He views Bitcoin as a hedge against inflation and a store of value, similar to gold.
Wright, on the other hand, insists that Bitcoin was not meant to be a store of wealth.
Satoshi claims
Wright isn’t without controversy in his own right. His claim that he is Satoshi Nakamoto, Bitcoin’s pseudonymous creator, remains a point of contention and skepticism within the wider cryptocurrency community.
A new documentary from HBO on Satoshi Nakamoto seemingly raised the possibility of Bitcoin developer Peter Todd as the cryptocurrency’s creator.
Todd denied that he’s Satoshi on X.com.
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Bitcoin
Bitcoin (BTC) Takes Another Shot at $63.5K as China’s Vague Fiscal Stimulus Deters Capital Shift
Published
10 hours agoon
October 12, 2024By
adminBitcoin, the leading cryptocurrency by market value, rose to nearly $63,500 during North American hours, probing a downtrend line characterizing the pullback from late September highs above $66,000, according to data source CoinDesk and TradingView. Prices topped $63,400 late Friday but failed to sustain the move and dipped to $62,400 early today.
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