Ethernity Chain

Ethernity Chain (ERN)

Ethernity Chain launched in 2021 as a secure platform for authenticating and trading NFTs. Built on Ethereum, it provided a trusted marketplace for digital collectibles and has since transitioned to a Layer 2 solution to enhance scalability. With AI integration, Ethernity aims to streamline operations in the entertainment sector.

However, the project’s promotional strategy and token allocation raise concerns. Influencers like MrBeast actively promoted Ethernity Chain through tweets, his presence on ERN's website, and participation in Twitter Spaces. KoroushAK and CryptoRand also played key roles in promoting Ethernity Chain, with on-chain activity revealing significant token dumps and profit-making undermining the narrative of long-term commitment to the project.

On-chain investigation revealed these allegations to be somewhat true as we dug deep into the burrow, and Blockscope's Tracer helped us map out MrBeast's ERN saga. MrBeast received $ERN tokens from the presale and additional allocations, which he accumulated and transferred to his side wallets 0x9b006708af63a779d8146ca91a2ae2d34cf0b830 and 0x2eb7d3c6b31b70a480d4af1bd8cd05c1b10d38d6, subsequently selling them for substantial profits.

Breakdown and Timeline

• On March 8th, 2021 MrBeast wallet 0x9e67d018488ad636b538e4158e9e7577f2ecac12 received 72.7K $ERN from the pre-sale. Tx. Hash: 0x056c951764832173f40437df83162d4f461feb218b337ae9dcd2c8ef5670cbbe

• On May 3rd, 2021 MrBeast wallet transfers 35K $ERN to side wallet 0x2eb7d3c6b31b70a480d4af1bd8cd05c1b10d38d6. Tx Hash: 0x695af62963c0ce98de212097263e17640edbea7ce30ad3ed75cf7defaa3a79d9. By May 4th, 2021 the side wallet 0x2eb7... emptied the wallet within the same day in multiple transactions, netting around $850K in profits.

• On May 4th, 2021 MrBeast transferred 43.4K $ERN to the side wallet 0x9b006708af63a779d8146ca91a2ae2d34cf0b830. Tx Hash: 0x6e40aaaa326ecfe2edc12d1719f57b5dfce76936d516c1a9b041df38483f037f. And similar to 0x2eb7, it sold all the supplies from May 4th to May 13th, profiting around $1M.

• On October 29th, 2021, MrBeast's wallet received 181.8K $ERN, which he sold all the supplies on November 30th, nearly making $3M in profits.

• Parallelly, in May 2021 MrBeast's main wallet got 54.5K $ERN, which he transferred to his side wallet 0x5ba15F9208C98a1c263A3D18EC6ca93778d1547e on October 18th, 2024, which he is still holding.

The Ethernity Chain investigation reveals that MrBeast’s on-chain activities resulted in profits exceeding $4.6M. While his wallet still holds some $ERN tokens in 2024, the pattern of significant sales raises questions about long-term intentions versus short-term gains.