US rapper 50 Cent’s Twitter account was compromised to promote a fraudulent memecoin named ‘GUNIT,’ resulting in a $300,000,000 worth of scam.
The rapper, whose real name is Curtis Jackson, took to Instagram to clarify that he had no association with the crypto scheme and that his account was swiftly secured by Twitter after the breach.
The incident has raised significant concerns about cybersecurity in the crypto space.
The Incident of Hacking 50 Cent’s Account
On June 21, 2024, 50 Cent took to Instagram to clarify that he had no association with the ‘GUNIT’ cryptocurrency.
His social media accounts and website, @50cent & thisis50.com, were compromised by hackers who used these platforms to advertise the memecoin.
The fraudulent promotion saw a meteoric rise in the value of $GUNIT, starting from under $1 million in market value and skyrocketing within minutes.
The social media posts falsely claimed the rapper’s endorsement, enticing followers to invest. Within just 30 minutes, the hackers managed to amass $300 million from unsuspecting investors.
After that, the token was being rug pulled by the owner and the token’s price then crashed to $0.00016.
50 Cent’s Immediate Response
Twitter acted quickly to lock down Jackson’s account, but the damage had already been done. The fraudulent posts were removed, yet the rapid execution of the scam left many investors out of pocket. 50 Cent publicly disassociated himself from the scam via an Instagram post, stating,
“My Twitter & Thisis50.com was hacked. I have no association with this Crypto. Whoever did this made $300,000,000 in 30 minutes.”
– Curtis Jackson (50 Cent)
50 Cent praised Twitter for their swift action in regaining control of his account. However, by the time the accounts were secured, the damage had already been done, with unsuspecting fans and investors falling victim to the scam.
Screenshots from the incident showed the rapid increase in $GUNT’s market value, highlighting the potential for quick manipulation in the volatile crypto market.
Historical Context
50 Cent is no stranger to the cryptocurrency world. Back in 2018, there were claims that the rapper made millions by accepting Bitcoin payments for his album “Animal Ambition.”
However, 50 Cent later denied these reports, stating that he had never profited from Bitcoin.
Protective Measures
To protect against such scams, investors are advised to:
Verify endorsements from official sources.
Be cautious of sudden, high-reward investment opportunities.
Use secure and reputable platforms for crypto transactions.
Stay informed about common scam tactics and report suspicious activities promptly.
The hacking of 50 Cent’s accounts and the ensuing $GUNIT memecoin scam serve as a stark reminder of the vulnerabilities within the crypto ecosystem.
Investors and fans alike must remain cautious, ensuring they verify the authenticity of promotional content and be aware of the ever-present risks in the rapidly evolving world of digital currencies.
Author: Mr.OxBull
Article Published: 22nd June, 2024.
