Catena co-founder turns $1.25M scam into a lesson on openness

When entrepreneur Erik Bergman pledged $1 million to a water charity earlier this year, it seemed like another example of his public dedication to philanthropy. What followed, however, was a meticulously staged scam that cost him an additional $1.25 million. Instead of retreating in silence, Bergman has chosen to speak about the ordeal openly, hoping his transparency can strip the stigma carried by financial loss and help others avoid the same fate.

A scam that began with generosity

Bergman, best known as the co-founder of Catena Media and more recently for his visible entrepreneurial presence online, was first approached with what looked like an opportunity to support Team Water. The initiative, connected to building wells in Africa, appeared to be backed by YouTuber Jimmy Donaldson, better known as MrBeast, and former NASA engineer Mark Rober.

Believing the call to be genuine, Bergman pledged $1 million, a donation that MrBeast even shared on social media. From there, though, things escalated. He was moved into what seemed like an exclusive WhatsApp group including other prominent figures: streamer Adin Ross, YouTuber Tobi Brown, and even executives associated with online gambling companies. Conversations flowed casually, the group bantered like old friends, and the elaborate façade gained credibility by the day. What Bergman didn’t know was that every participant was a fiction.

How the fake coin pitch took hold

After establishing trust, the supposed celebrities in the chat revealed an “exclusive opportunity” for high-net-worth donors: access to a pre-launch Coinbase token. According to Bergman’s account, “MrBeast” introduced the deal personally, framing it as a reward for major contributors to the charity...[Read more]