In a shocking turn of events, two of the most influential figures in digital media, Mr. Beast and Gary Vaynerchuk (Gary Vee), under scrutiny for alleged involvement in cryptocurrency and NFT “pump-and-dump” schemes. This controversy dates back to May 2021, when Gary Vee reportedly became Mr. Beast donated a high-quality NFT called the ‘Gift Goat’ from his own VeeFriends series. What followed were large transactions from Mr. Beast’s wallet as he invested in additional VeeFriends NFTs worth hundreds of thousands of dollars. This sudden activity, critics charge, artificially inflated prices in the NFT market, leaving mainstream investors vulnerable to steep losses.
TruthLabs research
Crypto research group TruthLabs, known for its watchdog role in the NFT space, brought this story to light with a detailed tweet, raising questions about the ethics behind Gary Vee’s gift and Mr. Vee’s subsequent transactions. Beast. TruthLabs claims that Mr.’s publicized purchases Beast prompted others to invest in VeeFriends, causing a temporary increase in value.
🚨Gary Vee’s @veefriends donated Mr. Beast an NFT called “Gift Goat” on May 25, 2021. 74 days later on August 7, 2021, @MrBeast buys ~$610,000 worth of @veefreinds NFTs from the same developer who gifted him the NFT, and another NFT from Gary Vee’s extremely close affairs… https://t.co/uuwUU0B9AO pic.twitter.com/kGdcvfbBGS
— TruthLabs 🫡 (@BoringSleuth) October 31, 2024
The accusations and evidence
Gary Vee’s gift and Mr. Beast’s purchases
TruthLabs, known for its research into influential crypto players, went even further by posting screenshots and blockchain data that appears to trace these transactions. According to the tweet thread, Mr. Beast raised concerns about collusion, as he bought from close associates of Gary Vee and then offered the NFTs for sale at much higher prices, potentially driving up their perceived value. TruthLabs suggested that such actions could be interpreted as a coordinated effort to drive up prices, albeit without definitive proof of intent.
The images shared by TruthLabs show wallet transactions allegedly linked to both influencers. Blockchain analysts and community members quickly parsed the images and linked the wallet activity to potential price inflation tactics. Whether intentional or not, Mr. Beast sparked increased interest in VeeFriends, leading to questions about accountability in the crypto influencer space.
Brand response
These accusations couldn’t come at a worse time for Mr. Beast, whose brand image has already taken a hit recently. Separate allegations of inappropriate behavior and misconduct within his team have raised concerns about his brand’s reputation. If the cryptocurrency allegations continue to gain traction, it could further impact his position, especially as scrutiny of influencers and crypto ethics increases.