YouTube investigative journalist Coffeezilla, known for his deep dives into influencer-driven scams and questionable financial schemes, released a detailed video examining MrBeast’s alleged involvement in cryptocurrency ventures.

In the exposé, Coffeezilla scrutinizes MrBeast’s financial gains from crypto investments. He confronts serious accusations of insider trading and exploitation of his public platform for profit. However, MrBeast’s team reportedly declined to provide detailed comments, instead issuing a carefully worded legal statement.

Coffeezilla Investigation on MrBeast’s Potential Scams

According to Coffeezilla, this complex story blurs the line between “shady” and outright “illegal.” The investigation was prompted by allegations circulating online.

Some claim MrBeast profited as much as $23 million through manipulative and deceptive practices. Coffeezilla, known for his thorough research and impartiality, reached out to various sources—researchers, crypto project heads, and even MrBeast himself.

According to Coffeezilla, the accusations stem from two main sources. The first is a report by SomaXBT, which alleges MrBeast made $10 million by backing low-cap cryptocurrency tokens, which later plunged in value.

“An investigation into Mr. Beast, how he allegedly made $10 million+ by backing low-cap IDO crypto tokens promoted by influencers like Lark Davis, CryptoBanter, KSI, and others. Many of these projects are now down over 90%, with some rebranding after major losses,” SomaXBT shared on X (formerly Twitter).

Another group, look.io, claimed he made even more through “scams, shady deals, and his network of connections.” Coffeezilla asserts that while some allegations seem exaggerated, there is credible evidence supporting others, making it difficult to offer a single, definitive judgment.

Key Allegations: Inside Deals and Suspicious Tweets

Coffeezilla begins by dissecting a few specific cases involving cryptocurrency projects in which MrBeast allegedly participated, including Super and Earnity Chain. According to the report, MrBeast invested in these projects, later promoting them publicly while secretly selling off his shares. This led some to believe he was engaging in unethical, if not illegal, market manipulation.

For instance, Coffeezilla discusses leaked screenshots showing MrBeast’s alleged involvement in Super’s pre-sale. According to these images, MrBeast invested $100,000, ultimately cashing out over $10 million. Coffeezilla points out that MrBeast tweeted twice about Super, one of which came suspiciously close to a sale of tokens by a wallet linked to him.

In another tweet, he hinted at the project’s value, saying “super” in response to a comment about the token’s potential growth. Coffeezilla suggests this could have influenced MrBeast’s followers to buy in while he was secretly offloading his investment, a potential conflict of interest.

According to Coffeezilla, this pattern is repeated in the cryptocurrency Earnity Chain. MrBeast’s name was prominently featured on the Earnity Chain website. He even allegedly promoted an associated NFT (non-fungible token) charity auction meant to benefit his “Team Seas” initiative.

Yet, records show his alleged wallet sold millions of Earnity tokens during the auction’s two-month campaign. Coffeezilla acknowledges that the charity auction itself performed poorly. Nevertheless, the investigator criticizes the timing, labeling it a “terrible look” for MrBeast, known as the “charity guy.”

A Complicated Network of Influences and Power Players

According to Coffeezilla, one of the most complex elements of the story is MrBeast’s involvement in crypto beyond his direct actions. The detective uncovers links between MrBeast’s investments and Jason Williams, a figure in the cryptocurrency space who appears to have managed some of these funds.

Coffeezilla found that Williams was connected to the same wallet linked to MrBeast’s investments. Reportedly, he often promoted and sold tokens associated with MrBeast’s name. This association could potentially absolve MrBeast of some responsibility, but as Coffeezilla points out, the boundaries remain unclear.

Of note is that MrBeast has occasionally spoken publicly about his investments, including a now-infamous conversation with Logan Paul, where he discussed purchasing CryptoPunks after a call with influencer Gary Vee.

“So, it seems like MrBeast was very much aware of, and in some cases directly involved in, decisions to buy and sell crypto,” Coffeezilla concludes.

While MrBeast’s team denies he was directly involved in trading, Coffeezilla finds it hard to believe MrBeast was entirely hands-off.

MrBeast’s Team’s Response (Or Lack Thereof)

In response to these allegations, MrBeast’s team provided a statement. In it, they assert that his investments were managed through a fund that consulted with industry experts and adhered to all “appropriate regulations.”

According to the team, MrBeast did not control the day-to-day trades. Yet, as Coffeezilla observes, the statement “takes zero accountability” and fails to address specific claims about MrBeast’s tweets and sales.

Critics say MrBeast’s brand is being used as a marketing tool in cryptocurrency projects, leading to inflated values that hurt regular investors. This becomes especially problematic given MrBeast’s vast following and reputation as a philanthropist.

For Coffeezilla, the issue is not merely about legality; it is about ethics. He suggests that while MrBeast’s actions may not be criminal, they still raise questions about his responsibility to his audience.

“I think to MrBeast and probably to his fund, this is just business. They set out to make a lot of money, and they made a lot of money—what’s the problem, right?” Coffeezilla quipped.

Indeed, Coffeezilla’s exposé is a compelling, if unsettling, reminder of the blurred lines between fame, finance, and influence within the crypto playing field.

Elon Musk named Microsoft and other defendants in his ongoing lawsuit against OpenAI. In court documents, Musk claimed that OpenAI sought to launch a cryptocurrency in 2018, which he rejected.

OpenAI representatives posted years-old correspondence with Musk, citing his full knowledge of their struggle to fund massively capital-intensive research.

Elon Musk vs OpenAI

In the latest court filing, Elon Musk named several new defendants in his ongoing suit against the prominent artificial intelligence firm OpenAI. Musk names former OpenAI associates and investors in this amended complaint, including Microsoft. He accused the company of abandoning its nonprofit focus, which was a major reason behind Musk’s initial investment.

Since OpenAI abandoned its nonprofit status, the firm has publicly sought to reach a valuation of $150 billion. This would be a staggering net worth for any company, even one that aims to reform the whole tech industry.

Also, according to court documents provided by Musk’s legal team, OpenAI first tried to launch an ICO in 2018:

“In January 2018, mere months after their September 2017 ‘enthusiasm,’ Altman proposed a scamworthy ‘ICO,’ or initial coin offering, that would have seen OpenAI, Inc. sell its own cryptocurrency. Musk shot down this idea too, stating ‘it would simply result in a massive loss of credibility for OpenAI and everyone associated with the ICO,’” Musk’s team claimed.

In other words, Musk’s lawyers are claiming that OpenAI founder Sam Altman has always prioritized making money over the public good. Musk claims he only joined the project to run it as a nonprofit and then left over this philosophical difference. The company has generated huge revenues since going public, receiving $6.6 billion in funding this October.

However, the firm strongly disputed these allegations. This March, the firm published prior correspondence between Musk and company executives, stretching back nearly nine years.

In these talks, OpenAI members stressed the capital-intensive nature of AI development and stated that a profit-seeking pivot would be “inevitable.” In other words, Musk had known of this for years.

“We’re sad that it’s come to this with someone whom we’ve deeply admired—someone who inspired us to aim higher, then told us we would fail, started a competitor, and then sued us when we started making meaningful progress towards OpenAI’s mission without him,” the company’s statement read.

As of yet, the lawsuit’s prospects of success seem very unclear. Musk previously dropped this lawsuit in July, before opening it again and naming new plaintiffs. This attack may be an attempt to cause a headache for OpenAI, rather than win a large settlement or substantially change the company’s business trajectory.

The second week of November 2024 has seen a surge in crypto whales’ activity, with large-scale investors strategically accumulating key altcoins amid improving market conditions. As the cryptocurrency market experiences heightened volatility, these substantial transactions could indicate a shift in sentiment or anticipation of better price performance.

The altcoins are drawing significant whale interest from established favorites to emerging tokens, highlighting diverse strategies among high-networth investors. That said, the top altcoins crypto whales bought include Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP).

Dogecoin (DOGE)

Dogecoin is one of the altcoins that crypto whales bought this week. This development could be linked to the bullish sentiment around the coin since Donald Trump approved Elon Musk’s proposed Department Of Government Efficiency department for the incoming US administration.

On November 8, the large holders’ netflow showed a negative reading, indicating that whales sold. This metric tracks the number of coins bought or sold by large investors. As of this writing, the same metric has increased to 1.72 billion. 

At Dogecoin’s current price, this figure indicates that crypto whales purchased about $636 million DOGE this week. This accumulation has also affected the coin’s value. In the last seven days, DOGE’s price has increased by 85% and surpassed the market cap of XRP. 

Should whales continue to buy, Dogecoin could rally higher than $0.37 in the coming week. If that does not happen, the cryptocurrency might remain range-bound and trade sideways.

Litecoin (LTC)

Litecoin is another altcoin that crypto whales bought this week. On November 11, 6.33 million LTCs were held by addresses that owned between 1 million and 10 million coins.

At press time, it has risen to 7.57 million, indicating that crypto whales purchased about $106 million worth of Litecoin in the second week of November 2024. Like DOGE, the accumulation has also impacted the altcoin’s value.

Over the last seven days, Litecoin’s price has increased by 20% and currently trades at $85.87. If whale accumulation continues, then LTC could get close to $100. On the flip side, if they decide to return to the sidelines, the price might decrease. 

Ripple (XRP)

Lastly, crypto whales also purchased Ripple (XRP) in large volume this week. This large accumulation could be linked to Robinhood’s decision to list the token as the US market seeks to gain regulatory clarity on cryptocurrencies. Further, the speculation that SEC Chair Gary Gensler could resign also spurred the accumulation. 

For instance, on November 12, the XRP held by the 1 million to 10 cohort was 3.82 billion. On the same day, the 10 million to 100 million cohort held about 6.79 billion XRP. But at the time of writing, the figures have climbed to 3.97 billion and 6.95 billion, respectively. This means that crypto whales purchased a combined 310 million tokens, valued at around $267 million.

As a result, XRP’s price increased by 56% within the past week while trading at $0.87. Should whales continue to pour money into it, the price could close in on $1. If not, it could experience a drawdown.