The market for cryptocurrency is pretty weird as people try to buy something which is not there in the physical world. While many people who understand the market, try to scam others by making up currencies that are fake. These people use the names of popular celebrities to scam their fans. One such name that these scammers use is MrBeast.

According to MrBeast’s manager, the millionaire YouTuber is dealing with counterfeit MrBeast tokens that are being used to defraud his fans. Even though MrBeast and his management are working tirelessly to avoid this, they are failing due to the market’s structure.

MrBeast tokens are getting counterfeited to scam people

In a recent LinkedIn post, MrBeast‘s manager, and the CEO of Night, Reed Duchscher, stated that the million-dollar YouTuber is having problems with his MrBeast fan tokens. According to Duchscher, there are various fraudulent tokens floating around the market that purport to be a cryptocurrency established by MrBeast.

Notably, when numerous individuals acquire these tokens, the persons who distribute them steal the clients’ money and leave them defenseless.

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Reed, in his post on LinkedIn, wrote, “I’m sure some of you have seen one or two of these fake MrBeast tokens recently. Obviously Jimmy and I hate seeing his fans getting scammed, but other than reporting them there’s not much we can do to stop these situations from happening.” Reed further added, “We’ve tried going the legal route, but for the most part it’s like chasing ghosts.”

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Then, explaining why it is so hard to catch the scammers, he wrote, “For the many pros that web3 presents, this is one problem we continue to face, and I’m not exactly sure what the solution is outside of some type of regulation around issuance of new tokens.”

For the most part, the scammers try to convince fans that the tokens are a part of an experiment by fans and it has little to do with MrBeast himself. Obviously, it is just a trick for them to lure more and more authentic people to support them while they themselves wait for the opportunity to steal the invested money.

WATCH THIS STORY: Highest Cash Giveaways in YouTube Star MrBeast’s Videos

What do you think of this scam? Let us know in the comments below.