MrBeast $23 million crypto profit report earns 1M impressions
Researchers have published a new report that alleges MrBeast, YouTube’s biggest star, profited $23 million in crypto “from a multitude of scams, shady deals, and his network.”
However, the heavily-hedged report also shows signs of being less than 100% credible.
Indeed, its closing credits, which thank the pseudonymous researchers who boast fewer than 4,000 followers apiece on X (formerly Twitter) as of publication time, read more like job applications than credible biographies.
Not only this, the lead researcher’s website — a default SquareSpace template barely filled with enough content to function — offers no information about the company, location, or legal details of operations.
On top of this, the document hedges most of its claims about MrBeast’s crypto profitability, often relying on phrases like “we believe,” “a strong indicator,” “they may have had insider information,” and “highly likely to have lost their money.”
MrBeast’s $23 million: More from crypto ‘scams’ or ‘his network’?
Much of the report is concerned with MrBeast’s promotion of crypto tokens that subsequently fell in value. Of course, with millions of token offerings throughout history and a failure rate exceeding 99%, this comes as no surprise to anyone familiar with the industry.
It is also not illegal to promote things that decline in value, provided the promoter follows relevant laws.
Read more: Leaked doc allegedly shows how much influencers charge to shill crypto on Twitter
Researchers also cited MrBeast’s endorsements from various social networks, on-chain sleuthing, and leaked screenshots and documents. Some of the evidence is as original as it is questionable.
Cointelegraph amplified the report — although it declined to write an article about the topic — and it topic trended on X on Wednesday, earning over 1 million impressions.
Mixed reactions filled comment sections. Many were unsurprised at the allegation that a social media superstar promoted failed crypto projects. Others asked for confirmation from credible researchers.
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