In a shocking turn of events, two of the most influential figures in digital media, Mr. Beast and Gary Vaynerchuk (Gary Vee), have come 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. 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 allege, artificially drove up prices in the NFT market, leaving regular investors vulnerable to steep losses.
TruthLabs’ Investigation
Crypto investigative 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. 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 Allegations and Evidence
Gary Vee’s Gift and Mr. Beast’s Purchases
TruthLabs, known for its scrutiny of influential crypto players, went further by posting screenshots and blockchain data that appear to trace 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.
Branding Backlash
These accusations couldn’t come at a worse time for Mr. Beast, whose brand image has already taken a recent hit. Separate allegations regarding inappropriate behavior and misconduct within his team have raised concerns about his brand’s reputation. If the crypto allegations gain traction, this may further impact his standing, particularly as scrutiny around influencers and crypto ethics intensifies.