MrBeast catches the heat for promoting an alleged refinable pump scam and dump

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American YouTuber Jimmy Donaldson, better known as MrBeast, is embroiled in allegations that he tricked his followers into buying a pump and download token. Refinable’s Initial DEX Offering (IDO) took place on Tuesday and was Polkastarter’s biggest launch to date, selling out in less than five minutes.

But some investors claim that they were unable to sell their FINE tokens when the price started to plummet. Others say they did not know how to buy at the maximum price. Celebrity cryptocurrency endorsements have been increasingly in the spotlight of late. This latest incident with MrBeast has done little to fix the problem.

MrBeast in hot water

Refinable is the first major NFT market of Binance Smart Chain (BSC). According to a Binance blog post, the platform enables creators to “easily and affordably create, discover, trade and leverage NFT.”

Currently, there are three main markets for NFT. Opensea, Rarible, and SuperRare, which primarily use the Ethereum blockchain and are subject to high gas fees. With Refinable running on the cheapest BSC network, users now have a more accessible NFT option.

According to @defnoodles, the price of Refinable fluctuated wildly during the launch process. He added that users blame MrBeast for technical difficulties encountered while trying to exit during the sale.

“Many are frustrated with MrBeast. They allege that once they bought ‘Refinable’, they were unable to sell it, getting an ‘out of liquidity’ error. Others say they couldn’t see the purchase price and didn’t know they bought it for $ 9. Supposedly deleted tweets refinable after a backlash. “

FINEUSD opened to the public at $ 8.36. In a matter of hours, a sharp drop plunged the price to $ 4.85. It has been falling ever since, bottoming out at $ 1.73 today.

Source: FINEUSD on CoinMarketCap.com

Some of MrBeast’s followers suffered heavy losses, having invested after seeing the YouTuber’s endorsement in the promotional material. @defnoodles even mentioned that some had lost their life savings.

Based on his philanthropic reputation, some believe MrBeast is a victim in this too. One Reddit user doubts he intended for this to happen, adding that influencers and cryptocurrencies are rarely suitable bedfellows.

“I highly doubt that MrBeast has intentionally tried to mislead people, but he is still involved here. As an influencer, you need to understand that telling people to invest in crypto can have very bad results. “

Cryptographic endorsements of exposed celebrities

During the heyday of the Wallstreetbets movement in late January, early February, Dogecoin’s mainstream exposure also put cryptocurrencies on many people’s radar.

Tech YouTuber Marques Brownlee took the opportunity to share what goes on behind the scenes with influencers. In a video, Brownlee discussed a sponsorship query in which he was asked to promote Tron via Twitter. But so it doesn’t look like a sponsored post.

“The more I read in this email, the more vague it is. They mention that they are often referred to as the Ethereum killer. What you say. And they need to make it look like it’s not a sponsored tweet. “

Tron CEO Justin Sun denied wrongdoing, explaining it as the actions of an unknown affiliate.

Nonetheless, Brownlee’s revelation underscores the message that investors should always take crypto endorsements from celebrities with skepticism.