Crypto Wallets Linked to MrBeast Made $13 Million on Tokens Shilled by Influencers
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Crypto wallets linked to YouTube personality MrBeast made approximately $13 million by cashing in on a slew of token launches that were framed by analysts as pump-and-dumps, new on-chain analysis suggests. The main wallet, which blockchain analytics firm Arkham Intelligence has linked to MrBeast, aka Jimmy Donaldson, and which the content creator himself previously said he used to buy NFTs, bought into the token sales of several controversial crypto projects—and shortly thereafter dumped the holdings for massive profits. An investigation by pseudonymous on-chain analyst SomaXBT concluded that MrBeast-linked wallets made nearly $13 million on dumping a handful of tokens that were collectively bought—mostly over the course of 2021—for potentially as little as $250,000. In one such case, the wallet appears to have invested $25,000 in the Ethereum meme coin Polkamon (PMON) in exchange for 25,000 PMON. Hours later, the MrBeast-affiliated address dumped the tokens for a profit of nearly $1.3 million. 8/ – on 2021-03-23 Me.beast wallet sent $25k USDT– 2021-03-31 18:07 received 25k $PMON token from the private distribution contract– 2021-04-01 00:27 again sent 25k $PMON tokens to the ‘0x4f7b6’ wallet– in next 12 hours, ‘0x4f7b6’ wallet dumped 25k $PMON in 485 trades and made… pic.twitter.com/2pEjpYmH7H — SomaXBT (@somaxbt) October 11, 2024 As elaborated upon in detail by the pseudonymous on-chain sleuth ZachXBT at the time, Polkamon faced allegations of being designed to enrich investors and insiders by dumping on retail traders who were left holding bags with little to no value. In the summer of 2021, ZachXBT described Polkamon as a crypto project that “exemplified suspicious activity.” 4/ Polkamon ($PMON) As one of the largest marketing failures this bull run the chart exemplified suspicious activity. In doing so I reviewed the entire transaction history from launch to June. Below is a brief summary of my findings. pic.twitter.com/cOKmSAlwjv —…
Filed under: News - @ October 15, 2024 10:27 pm