$23m Lost in Crypto Scams; MELD Unveils Crypto Debit Cards
On-chain prosecutors allege that MrBeast and his YouTube influencer group made millions of dollars from dubious crypto deals. James Stephen ‘Jimmy’ Donaldson, widely recognised as MrBeast, boasts an impressive 320 million YouTube subscribers, making him one of the leading figures in social media.
His extensive platform has acted as a marketing avenue for emerging and at times controversial crypto actions. SomaXBT, a blockchain expert, believes that MrBeast used his power to profit from insider trading.
SomaXBT has previously accused Donaldson of gaining $10 million from low-cap coins. Based on the evidence, MrBeast has a long history of insider trading, deceiving investors, and promoting tokens through his influence before selling them, much to the surprise of crypto users including Stake casino players.
Through on-chain data, researchers found around 50 wallets linked with the YouTube star. For instance, when MrBeast bought CryptoPunk during the 2021 rise of non-fungible tokens (NFTs), he revealed his Ethereum (ETH) address.
The public connected more wallets to MrBeast’s network after this revelation. By using the identical Gemini exchange deposit address, it was confirmed that the YouTuber was able to control where the money went.
SuperVerse, previously known as SuperFarm, was among MrBeast’s most lucrative ventures. The project raised money through an initial coin offering (ICO), which is a way to sell tokens in the crypto market at a discounted price.
MrBeast and his group advertised the protocol on platforms like X (Twitter) and YouTube. Although he has since deleted many commercial postings, MrBeast continues to follow SuperVerse’s page.
While early investors encountered problems due to legal loopholes, the value of SuperVerse’s coin increased fiftyfold upon listing. Some claim that MrBeast made money off of selling tokens to people who were into SuperVerse.
Loock.io, a blockchain analyst and advisory firm, said that MrBeast made around $7.5 million from his initial $100,000 investment in SuperVerse. He and his network also made $10 million, which is about half of what mrBeast’s circle allegedly made by endorsing contentious crypto ventures.
MELD unveils crypto debit cards
MELD, a Neobank that excels in crypto, has introduced Crypto Debit cards. Neobank announced that they have partnered with a licensed Mastercard supplier to offer European customers the convenience of Debit Cards with crypto.
The new MELD cards will be available in early 2025, adding to the current MELD cash and crypto offerings. The MELD debit card allows Neobank users to link their fiat accounts to a non-custodial crypto wallet, much to the delight of crypto enthusiasts including Stake players.
This also allows them to load and unload over 30 different currencies and use their MELD card at millions of global locations. The crypto debit card is the next phase for MELD as it strives to become a comprehensive financial services provider for companies and crypto users.
The MELD card will be part of the elite accounts that the MELD Neobank offers. These accounts have low on and off-ramp fees of 0.01%+1€. As soon as users connect this card to the MELD lending and borrowing protocol, they can see how decentralised finance (DeFi) and traditional finance (TradFi) work.
With the launch of the cards, MELD’s fiat and on/off ramp solution will be compatible with over 35 currencies and accessible in 160 countries. The MELD offering also provides specialised IBAN accounts that support major currencies, including the US dollar, Great British Pound, Swiss franc, and Japanese yen, satisfying the banking needs of the majority of crypto consumers.
While there are still scams and frauds that plague the crypto world, recent crypto developments have helped users see a positive light. Many believe that with more advancements, the crypto industry will be safer and more successful.
