MrBeast is being investigated for crypto fraud and insider trading

Key insights

Jimmy “MrBeast” Donaldson is at the center of another scandal following controversy over Lunchly mold and Ava Tyson earlier this month.
According to a crypto report from Loock.io, MrBeast allegedly used crypto wallets to stage a series of “pump and dump” crypto scams.
MrBeast is said to have made up to $23 million by buying crypto tokens, promoting them and then reselling them for huge profits.

MrBeast didn't have a great October. Earlier this month, YouTuber and celebrity baker Rosanna Pansino posted a video comparing Lunchables to MrBeast's new Lunchly alternative, which the YouTuber created alongside content creators KSI and Logan Paul. In the video, Pansino opened Lunchly's cheese portion and discovered a significant amount of mold, even though the product had a best-before date of December.

To provide clarity and push back against Pansino's claims, a representative for MrBeast asked Newsweek to “consider the source,” although dozens of other emerging videos that also revealed mold in Lunchly products were not mentioned. Just a few days later, MrBeast was caught in another scandal, this time related to comments made by Ava Tyson earlier this year, when Pansino reported MrBeast to the FBI after claiming the YouTuber knew Tyson was allegedly grooming an underage fan.

MrBeast, KSI and Logan Paul with Lunchlys and cash

MrBeast, KSI and Logan Paul's Lunchables are the latest YouTube cash grab

Lunchly's is the trio's Lunchables competitor, which aims to profit from impressionable children.

Now a few days have passed again and MrBeast is embroiled in another scandal, this time on the crypto side of his business. According to a report by online investigator SomaXBT and supported by several blockchain experts, MrBeast or his team allegedly purchased certain crypto tokens using over 50 crypto wallets, promoted them with his massive online presence, and then resold them.

MrBeast is being investigated for crypto fraud and insider trading

This report also claims that MrBeast may have earned $23 million from these programs as of 2021. Much of that money reportedly came from a gaming NFT marketplace called SuperVerse, which gave the YouTuber one million tokens in early 2021. He then allegedly proceeded to sell these tokens for $7.5 million, with an additional $11.4 million in the following months.

Eternity Chain, PolyChain Monsters and SHOPX are also tokens mentioned in the report, from which MrBeast is said to have made millions more on top of these existing amounts. If you're interested in seeing a comprehensive breakdown of how MrBeast allegedly used his wallets and how much money he made from these reported crypto “pump and dumps,” then Loock.io's report is extremely comprehensive.