Gary Vee and MrBeast under scrutiny for alleged involvement in NFT and Crypto Price Pumping Scheme
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.
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