On January 17th, 2021, two different Twitter threads claimed that popular NFT influencer Beanie is a serial scammer. This news shook up the NFT space because of Beanie’s popularity. With over 175 thousand followers, Beanie has become one of the biggest influencers in the space. He is often known for his crude personality, controversies, and Twitter fights with fellow NFT influencers.
The first thread to be posted was from NFT Ethics, a self-appointed watchdog of the NFT space. In a 70 tweet mega-thread, NFT Ethics claim Beanie has been scamming his audience and is a serial scammer.
Biggest Takeaways from the thread:
The first big indication of Beanie being a scammer is evidence tying Beanie to multiple scams NFT companies, including Monkey Bet DAO and Royal Gaming Technology. Monkey Bet DAO is a project which describes itself as a DEX gaming and NFT protocol. The project was supposedly run by Invariant Labs, but it was later discovered that Royal Gaming Technology actually ran it. In December 2021, Beanie started shilling this project to his audience, and he was only a small investor. But according to the thread, Beanie was the head of Royal Gaming Technology, making him responsible for Monkey Bet DAO. This means Beanie has been shilling projects to his audience, claiming only to be an investor when he was actually the head of the project.
The connection between Royal Gaming Technology and Beanie led to the apparent discovery of Beanie being involved in multiple pump-and-dump and rug schemes. These include projects like TokenPay, where the project raised 22-34 million dollars worth of Bitcoin in what NFT Ethics calls an illegal ICO. After receiving the funds, only a small portion of investors received any money back. Royal Gaming Technology is also connected to other scam projects like Chimp Bet and CryptoBet.com.
The final significant thing to come out of this thread is the supposed evidence and claim that Beanie has been doing scams for decades. According to the thread in his earlier days, Beanie was a part of various companies that would scam their customers. He is also connected to an old Twitter account that would provide his analysis on mid-cap stocks.
The second thread to come out this week came from Derek Capo, a supposed former colleague of Beanie. In the thread, Capo shows screenshots of a conversation he had with Beanie and calls him out for his behavior. He also released pictures of Beanie, but Twitter took the post down.
The accusation of Beanie being a serial scammer resulted in many influencers and projects distancing themselves from him. One of the most notable was done by Pixel Vault, where GFunk, founder of Pixel Vault, tweeted a thread saying Beanie is no longer a part of the project.
Beanie is yet to respond to these allegations made against him. He has been mostly inactive in his Twitter account since the two threads came out. However, he has tweeted out that he has been working with lawyers and is seeking a case against the accusations.