MrBeast, Andrew Tate, and 8 others' sloppy crypto promotions

By The Neath | The Darkside Of Crypto | 3 Nov 2024


MrBeast, Jimmy Donaldson, gained millions via questionable crypto deals.

 

Loock.io and blockchain experts like SomaXBT, who accused Donaldson of making $10 million from low-cap currencies, said MrBeast profited from insider trading.

According to on-chain investigators, Donaldson, who has 320 million YouTube subscribers, promotes cryptocurrencies “only to later dump them on the market.”

Mr. Donaldson supports more than crypto. The stuntman marketed “Beast Burgers” and “Lunchly.” Both had poor quality, onlookers remarked.

Logan Paul, a famous YouTuber who worked with MrBeast on Lunchly, sells Prime energy drink and pulls daring pranks.


One of his greatest blunders was CryptoZoo, an NFT game that lets players buy animal-hatching digital eggs. Trading or selling NFTs may benefit players.

The project failed after sales and marketing, leaving investors with worthless NFTs.

Coffeezilla and others accused Paul and his team of project mismanagement and investment manipulation.

Paul blamed other developers and promised to fix issues, but the project's status is still contested.

A federal judge dismissed a late 2022 lawsuit charging Kim Kardashian and others of promoting an EthereumMax (EMAX) crypto “pump-and-dump” scheme.


The E! reality star was accused of defrauding investors by selling EMAX, a worthless cryptocurrency. The court found that the claims did not meet “heightened pleading standards” for securities fraud, citing insufficient evidence.

Kardashian was dismissed after paying with the SEC for $1.26 million for not disclosing her $250,000 EMAX promotion payment.

In the settlement, she agreed not to promote crypto products for three years.


The plaintiffs may appeal, but the case showed the legal and ethical issues of influencer marketing in unpredictable cryptocurrency markets.

Floyd Mayweather was accused of not reporting three ICO promotions, including a $100,000 Centra Tech payment, in 2022.


They alleged he used social media to push fans to buy Centra tokens before they sold out.

Centra Tech was revealed as a fraud. Founders Sohrab Sharma, Raymond Trapani, and Robert Farkas were accused by regulators of deceiving investors by misrepresenting Visa and MasterCard affiliations. Authorities say the company lied about debit card technology and practicality to investors.

ZachXBT, a notable blockchain researcher, slammed Mayweather. ZachXBT alleged several more frauds that cost his fans a lot of money, including Kardashian-backed EthereumMax.

Centra Tech received social media endorsement from DJ Khaled.


Khaled, like Mayweather, was charged with anti-touting for not disclosing their ICO promotion compensation.

Khaled settled with the SEC for $152,725 in 2018 (Mayweather paid approximately $600,000). Disgorged profits and higher fines.

Khaled promised to stop pushing securities for two years. The SEC's first case against crypto celebrity endorsements set a standard for transparency and accountability.

The SEC accused the rapper and social media influencer of promoting TRON (TRX) and BitTorrent (BTT) without remuneration.


Soulja Boy and other influencers were sued for promoting coins and NFTs despite the risks.

YouTuber and boxer Jake Paul, brother of Logan Paul, was sued for promoting SafeMoon without disclosing his financial interest.


After celebrities like Paul supported SafeMoon, its value plunged.

It continues. Paul and Save the Kids, a bitcoin charity, was another concern.

The idea was attacked because Paul and others advertised the token to inflate its price then sold their shares, producing a sharp decrease in value and substantial financial losses.

Paul denied guilt.

In 2023, the SEC prosecuted Lindsay Lohan, Jake Paul, and others for undisclosed Tron Foundation TRX and BTT currency marketing.


The complaint showed she and others were paid to promote tokens.

On social media, Lohan promoted bitcoin and NFT collections. According to a ZachXBT spreadsheet released on social media, the “Mean Girls” actress cost $25,000 for project promotion and $20,000 for retweets.

Promoting Justin Sun's Tron and BitTorrent currencies earned her SEC scrutiny.

She and Ne-Yo and Akon settled SEC charges for $400,000.

In 2021, the former NBA star promoted EthereumMax on social media without disclosing his income, like Kardashian and Mayweather. Pierce paid the SEC $1.4 million in 2023.


Celebrities were accused of pump-and-dumping EMAX by pushing it to raise its price and then selling their shares, causing average investors to lose a lot of money. Pierce and other promoters deny impropriety, but their endorsements created crypto celebrity influence problems.​

EMAX was raided for bitcoin celebrity endorsements. This case shows influencers' legal responsibility while promoting financial products.​

Scam-exposing YouTuber Coffeezilla is battling proud misogynist Andrew Tate over bitcoin.


Coffeezilla showed Tate proclaiming crypto meaningless and promised not to abuse followers with currency. Tate promoted parody currencies like “ROOST” and “F Madonna token,” which lost value after his endorsements.

Coffeezilla featured Tate's "Real World Token," affiliated with his online course, which offered profit-share tokens like a pyramid scheme.

Tate, arrested in Romania in 2022 for people trafficking, denies guilt.

 

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The Neath
The Neath

Since I have been interested in crypto since 2020.I give back to the internet what I learned from the internet


The Darkside Of Crypto
The Darkside Of Crypto

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