50 Cent’s X Account Hacked: GUNIT Meme Coin Scandal Exposes Rug Pull Scheme

• Renowned rapper Curtis James Jackson III, better known as 50 Cent, recently claimed that his X account and website were hacked.
• The hacker allegedly used 50 Cent’s account to promote a fake meme coin project, aiming to make a substantial amount of money quickly.
• This incident highlights the increasing issue of exploitative practices within the crypto market, which continue to shadow its legitimacy.

Discover how hackers exploited 50 Cent’s social media presence to promote a fraudulent cryptocurrency and learn the implications for the crypto community.

50 Cent’s Account Used to Promote Fake Meme Coin

On June 21, 50 Cent announced through his Instagram account, which has 32.8 million followers, that his X account and website had been compromised. The attackers created a new cryptocurrency called “GUNIT” and conducted a scam that garnered millions in ill-gotten gains. This method, known as a “rug pull,” leverages celebrity endorsements to create artificial demand for a coin, enticing investors. After inflating the coin’s value, the perpetrators withdraw all investments, causing the coin’s value to plummet and leaving investors with significant losses.

Impact on 50 Cent’s Followers

According to 50 Cent, the hackers capitalized on his extensive 12.9 million X followers to attract investments in GUNIT. The price of GUNIT surged to $0.05 within 24 hours but later crashed by 95%, now trading at approximately $0.000165. In an Instagram post, 50 Cent stated, “My X account was swiftly frozen. The perpetrator made $300 million in just 30 minutes. I have no affiliation with this cryptocurrency.” He also shared charts showing the drastic price drop to warn investors.

The Hack Dilemma Among Celebrities

This incident is part of a broader trend involving celebrities in cryptocurrency promotions, raising concerns among investors. For instance, TV personality Caitlyn Jenner faced similar issues when she launched her cryptocurrency, JENNER. Initially dismissing hacking rumors, Jenner later addressed them again amidst ongoing speculation. Despite defending her token, she faced persistent claims of her account being compromised.

Jenner’s Cryptocurrency Controversy

Reports from May 27 indicate that Jenner urged her followers to send her their favorite meme coins via her X account. Although she later deleted the post, she continued to promote her JENNER token. In subsequent messages, she clarified, “The third-party token promotion has been removed! As I’ve consistently stated, my sole focus is on $Jenner. My post caused confusion, but my concentrated effort remains on $Jenner.” This incident underscores the complexities celebrities face in the volatile crypto market.

Conclusion

The hacking of 50 Cent’s and Caitlyn Jenner’s accounts to promote fraudulent cryptocurrencies illustrates significant risks in the crypto market. Investors should exercise caution and verify the legitimacy of endorsements, even when they come from well-known personalities. The prevalence of such scams necessitates heightened awareness and due diligence to safeguard investments in the increasingly popular but vulnerable crypto space.