Mr. Beast and Gary Vaynerchuk (Gary Vee) Under Scrutiny for Alleged Involvement in Cryptocurrency and NFT 'Pump-and-Dump” Schemes

This controversy traces back to May 2021, when Gary Vee reportedly gifted Mr. Beast a high-value NFT called the “Gift Goat” from his own VeeFriends series.

Digital media powerhouses Mr. Beast and Gary Vaynerchuk (Gary Vee) are facing heat over their alleged involvement in cryptocurrency and NFT “pump-and-dump” schemes, according to a recent investigation by crypto investigative group TruthLabs.

The story began unfolding in May 2021, when Gary Vee reportedly gifted Mr. Beast a high-value NFT called the “Gift Goat” from his own VeeFriends series. Following this gift, large transactions were observed from Mr. Beast's wallet, as he purchased additional VeeFriends NFTs worth hundreds of thousands of dollars. This activity, critics allege, may have artificially driven up prices in the NFT market, potentially leaving regular investors vulnerable to steep losses.

TruthLabs brought this story to light with a detailed tweet, raising questions about the ethics behind Gary Vee's gift and Mr. Beast's subsequent transactions. TruthLabs alleges that Mr. Beast's publicized purchases influenced others to invest in VeeFriends, creating a temporary spike in value.

?Gary Vee’s @veefriends gifted Mr. Beast a NFT named “Gift Goat” on May 25th, 2021. 74 days later, on August 7th, 2021, @MrBeast purchases ~$610K worth of @veefreinds NFT’s from the same Dev that Gifted him the NFT, and another NFT from Gary Vee's extremely close business… https://t.co/uuwUU0B9AO pic.twitter.com/kGdcvfbBGS

— TruthLabs ? (@BoringSleuth) October 31, 2024

The investigation by TruthLabs, which is known for its watchdog role in the NFT space, also includes screenshots and blockchain data that appear to follow these transactions. According to the tweet thread, Mr. Beast's purchase of high-value NFTs raised concerns of collusion, as he bought from close associates of Gary Vee and subsequently listed the NFTs for sale at far higher prices, potentially to drive up their perceived value. TruthLabs suggested that such actions could be interpreted as a coordinated attempt to pump prices, albeit without definitive proof of intent.

The images shared by TruthLabs showcase wallet transactions allegedly tied to both influencers. Blockchain analysts and community members quickly dissected the images, linking the wallet activities with potential price inflation tactics. Whether intentional or not, Mr. Beast's listings drove increased interest in VeeFriends, leading to questions of accountability in the crypto influencer space.

These accusations come at a particularly inopportune time for Mr. Beast, whose brand image has already faced recent challenges. Separate allegations regarding inappropriate behavior and misconduct within his team have raised concerns about his brand's reputation. If the crypto allegations gain wider attention, it could further impact Mr. Beast's standing, especially as scrutiny around influencers and crypto ethics continues to intensify.

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