- Mr.Beast has been accused of tricking followers to buy a token that many suspect was pumped and dumped.
- The YouTuber is just the latest popular figure to get linked to a sketchy crypto project, with Floyd Mayweather, Kevin Hart and Steven Seagal getting into trouble for similar actions.
American Youtuber Jimmy Donaldson, popularly known as Mr. Beast, has been accused of scamming his followers. According to the report, it all started when Mr.Beast and Binance supported the launch of Refinable app, a non-fungible token (NFT) platform.
Before the launching of the app, its native asset “ Fine” was advertised to the public. Though it was advertised that the price would start at $0.33, it reportedly debuted at $4 after garnering massive support. The Initial DEX Offering (IDO) of Refinable sold out within five minutes and was Polkastarter’s biggest ever launch.
Soon after the launch, the price of Fine more than doubled to $9. However, the price crashed to less than $2 shortly after. Investors have raised concerns that they were unable to exit the market due to a “no liquidity error” message that kept appearing. Others also complained that they were completely unaware that they purchased the asset at $9 as they could not see the purchase price. Many investors lost thousands of dollars – some even their life savings – due to this error.
Mr. Beasts’ followers are divided between those who believe this was a calculated fraudulent scheme and those who believe it was just a technical error with no bad intention.
“I highly doubt that Mr.Beast intentionally tried to screw people over, but he’s still involved here. As an influencer he should understand that telling people to invest in crypto can have very bad outcomes, ” said a Reddit user.
Why Mr.Beast is dragged into the saga
Mr.Beast, one of the top YouTubers with about 55 million subscribers and a combined 9 billion views is mentioned as one of the main investors in the Refinable app. Binance Smart Chain is also said to be an active sponsor.
In addition to mentioning the cryptocurrency casually, Mr.Beast allowed his image to be used for promotional purposes. Refinable has also been accused of removing backlash tweets that can affect the credibility of their token.
Despite the recent happenings, Mr.Beast has not released any statement.
The Refinable app
The Refinable app is the first NFT marketplace launched on the Binance Smart Chain. The platform empowers creators, buyers, sellers, and decentralized applications.
Refinable offsets the disadvantages that prevent the growth of NFTs including high minting cost and gas fees. Users on the platform will be able to stake the native currency (Fine) on the network as well as the BSC Defi applications. To fund the growth and development, they easily raised $3 million from the public sale. However, the private round was limited to value-creating partners to aid the direct growth of the platform.
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