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MrBeast’s crypto dealings are under fire as an investigation reveals insider trading, wallets, and high-stakes profits.

Here’s what we got for you today:

• 😱 MrBeast’s controversial crypto connections!

• 📊 Reddit's major crypto sell-off!

• 🧱 Around The Block: How Crypto.com leapfrogged Coinbase with record $139bn volume.

😱 MrBeast’s Controversial Crypto Connections!

One of YouTube’s biggest stars, MrBeast, is under scrutiny for his alleged involvement in controversial cryptocurrency activities.

A team of researchers recently conducted an in-depth analysis that revealed connections to over 50 cryptocurrency wallets linked to him.

The findings suggest a pattern of profiting from “pump and dump” schemes in which he would invest, promote tokens to his followers, and then sell, often leaving his audience with losses.

The investigation dives into multiple tokens, such as SuperVerse (formerly SuperFarm), ERN (Ethernity Chain), AIOZ, etc., where MrBeast allegedly made millions.

You can see a detailed analysis, including tweets and on-chain activity, here –Trust me, you’d want to see this.🤯

And it doesn't end there — The analysis also brings to light issues of insider trading.

Multiple instances were found of MrBeast investing in cryptocurrency projects during pre-sales, leading to substantial returns.

But rather than actively trading, he made several investments that paid off massively.

For example, MrBeast was one of the early investors in SHOPX, a project advertised as the “RWA (Real World Assets) bridge that tokenizes products to reward customers and drive more revenue.”

From the pre-sale, MrBeast scored an allocation of 607k SHOPX tokens, valued at a staggering $2.87 million.

He gradually offloaded about half of that allocation in over a month, pocketing $493,730.70.

On November 5, 2021, he sold the remaining tokens, netting another $16,086.34, bringing his total profit from SHOPX to a jaw-dropping $509,817.04!

The XCAD network also used the branding of KSI and MrBeast to market their crypto coin.

While MrBeast's involvement was limited to following XCAD's Twitter profile, the on-chain analysis shows that he still earned around $270k from this project.

There are many more instances; be sure to check them out here.

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📊 Reddit's Major Crypto Sell-Off!

Reddit just hit “sell” on most of its crypto stash, offloading a hefty chunk of Bitcoin and Ethereum to the tune of $6.9 million last quarter.

In their SEC filing, they described the move as “immaterial,” which is just a fancy way of saying, “Nah, it didn’t exactly rock our world.”

The timing is a bit of a bummer, though. They missed Bitcoin’s recent surge, which brought it tantalizingly close to its all-time high.

Once a crypto trailblazer, Reddit has since scaled back its digital assets ambitions.

They've pulled the plug on several initiatives, like the “Collectible Expressions” NFTs, and officially passed control of the Moons token over to the r/cryptocurrency community.

Looking ahead, any potential crypto projects or picks will require the board’s approval and will stick to Bitcoin, Ethereum, or other cryptocurrencies that are deemed “likely not being a security.”

But don’t count Reddit out just yet— in fact, they’re still dabbling in the tech.

They’re hanging onto some Ethereum, MATIC, and Polygon assets courtesy of their virtual avatar collectibles sales.

And for the dedicated fans, the Reddit mobile app still features a crypto wallet called "Vault," which once promised to be the gateway to a “new frontier.”

Let’s just say they're being a bit more cautious about the frontiers they’re venturing into.

On a brighter note, while their crypto enthusiasm might be cooling off, their stock is heating up!

Shares jumped 41% to $116, with Reddit reporting a solid $30 million in net income.

So maybe they’re not all in on crypto anymore, but they’re all in on the green, just of a slightly different kind.

You should check out the full article for more details!

🧱 Around The Block

• How Crypto.com leapfrogged Coinbase with record $139bn volume.

• 1inch Frontend compromised in a widespread supply chain attack.

• Bitcoin ETFs record the largest single-day inflow since June as Bitcoin touches $73K.

• Massive BTC accumulation continues: Whale’s 2-week haul reaches $144M.

• SEC requests an extension in the Ripple case to January 2025.

• Why are businesses like Binance setting up shop in the emerging crypto center of Dubai?

• The US Treasury says stablecoin growth is increasing demand for T-bills.

That's all we've got for you today.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.