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MrBeast faces Senate scrutiny over teen crypto app acquisition

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MrBeast faces Senate scrutiny over teen crypto app acquisition

United States Senator Elizabeth Warren is asking Jimmy Donaldson, aka “MrBeast,” and Beast Industries CEO Jeff Housenbold to explain why they acquired a teen app that coached minors to pressure their parents into buying crypto.

The 12-page letter demands answers about why Donaldson bought the app, called Step, that published word-for-word scripts coaching teens.

“Crypto and stock investing is not taught in my school, but by using Step, it’ll teach me life skills like how to balance risk and rewards,” the script told children to recite to their guardians.

“Mom, you’ve had Apple stock forever, bitcoin has just as much potential,” it continued.

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After MrBeast’s acquisition in February, the owner of Step’s YouTube account set most of its videos to private to prevent them from being publicly viewable.

Step claims to serve about 7 million customers and focuses on minors.

In 2022, the company launched crypto trading for teens through Zero Hash LLC. Step claimed to be “the first platform to allow teens, with the consent of a parent or legal guardian, to responsibly participate first-hand in the rapidly evolving investing landscape, starting with buying and selling bitcoin.”

By April 2022, Step boasted that teens under 18 years old would be able to “access 50+ tokens” and would “be able to buy NFTs.”

It didn’t mince words about whether these purchases would be incidental, de minimis values for educational purposes.

To the contrary, it called the offering an “investing platform” to “ensure the next generation is prepared for their financial futures.”

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Read more: Esports influencer fired for pumping and dumping ‘Save The Kids’ crypto

Script for kids still live on YouTube in late 2024

While the company claimed minors could invest only with parental consent, Step built the consent bypass toolkit itself with its scripted coaching tutorials.

A review of YouTube URLs confirms that they now return private notices. Several of the original links still display metadata in Google caches.

Although Step promoted crypto heavily before MrBeast acquired it, it discontinued several of its offerings over the years.

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However, the script teens were supposed to use to convince their parents to invest in crypto was still live on YouTube as recently as December 28, 2024.

That’s years after the initial crypto investing initiative by Step and more than half a year after Step’s May 1, 2024 claim that it had shut down all crypto investing accounts.

The company appears to have fully ended its crypto investing post-acquisition.

Bitmine’s ETH company helped MrBeast buy Step 

Beast Industries acquired Step after a $200 million investment from Bitmine Immersion Technologies, Tom Lee’s ether (ETH) treasury company.

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Bitmine, embarrassingly, has lost more money investing in ETH than even FTX’s customer deposits

MrBeast’s YouTube channel has more than 470 million subscribers. About 39% of his viewers are between ages 13 and 17, with the vast majority of his viewers younger than 25.

In late 2025, Beast Holdings LLC filed a trademark for MrBeast Financial. It mentioned crypto exchange services and decentralized exchange transactions.

MrBeast has an April 3 deadline to respond to the senator’s questions.

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Crypto World

Bitcoin Faces a $72,000 Resistance Hurdle After Retesting Its 50-day Trend

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Bitcoin Faces a $72,000 Resistance Hurdle After Retesting Its 50-day Trend

Bitcoin traders agreed that BTC price action needed to retake $72,000 to open up the odds of further upside as gold and US stocks gained.

Bitcoin (BTC) returned to $72,000 on Wednesday as gold continued its rebound from four-month lows.

Key points:

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  • Bitcoin price performs a support retest of its 50-day moving average before hitting $72,000.

  • Seller interest makes the area above the day’s high of key importance going forward.

  • Gold and US stocks combine with crypto to seek further relief.

Bitcoin traders: BTC price needs to clear $72,000

Data from TradingView showed BTC price gains of around 2% on the day, following a retest of its 50-day simple moving average (SMA).

This trend line, previously a key resistance obstacle, looked set to remain as new low-time frame support.

BTC/USD one-day chart with 50 SMA. Source: Cointelegraph/TradingView

Commenting, Keith Alan, cofounder of trading resource Material Indicators, tied emerging BTC price strength to hopes of dialogue between Iran and the US amid the ongoing war.

The market, he wrote on X, “seems to like the idea” of negotiations, reflected in increasing Bitcoin whale buying activity. 

“Would like to see a rally to $78k, but we’re starting to see ask liquidity stack just below $72k where there seems to be a bit of profit taking,” he added.

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BTC/USDT order-book liquidity data with whale orders. Source: Keith Alan/X

Data from CoinGlass showed a wall of ask liquidity appearing above $72,000 into the Wall Street open. Previously, news events sparked liquidity hunts both above and below spot price.

BTC liquidation heatmap. Source: CoinGlass

“Looks like bulls have found some juice again,” trader Jelle continued, anticipating “more sideways chop” for BTC price action.

Trader Daan Crypto Trades joined Alan in expressing confusion over the reliability of reports that US-Iran diplomacy was underway.

“The one thing I care about is price action, and Bitcoin has still remained pretty strong throughout all this mess. This $72K resistance area is one that has been pretty common for BTC to test but it still has not been able to sustain above that area for long,” he told X followers. 

“Bulls need to get that level cleared and remain there if this wants to have legs and go test the $80Ks again.”

BTC/USDT perpetual contract four-hour chart. Source: Daan Crypto Trades/X

Gold rebound continues after $4,100 slump

US stocks and gold followed crypto higher in a relief bounce on the day, with the latter reclaiming the $4,500 mark after a trip to its lowest levels since late November 2025.

Related: Bitcoin value ‘off the chart’ as BTC price metric hits record lows in 2026

XAU/USD one-day chart. Source: Cointelegraph/TradingView

“Gold bounces upwards after taking the liquidity beneath the wick. Classic price action,” crypto trader Michaël Van de Poppe responded on X while analyzing the XAU/USD daily chart.

“I think that we’ll slowly see the volatility wind down in Gold as it has established a range. Upper side of the range is $5,000-5,100. The lower end of the range is $4,000-4,200.”

XAU/USD one-day chart with RSI data. Source: Michaël Van de Poppe/X

Last month, Van de Poppe eyed early signs of a transition from gold to Bitcoin products from institutional investors.