Highlights:
- 50 Cent’s X account was hacked to promote a fraudulent cryptocurrency called GUNIT.
- The hack led to a memecoin rug pull, causing investors to lose over $300 million.
- The token’s price spiked and crashed within 24 hours, revealing the scam.
Rapper 50 Cent has informed his 32.8 million Instagram followers that hackers used his X (formerly Twitter) account to execute a multimillion-dollar memecoin rug pull. Curtis James Jackson III, widely known as 50 Cent, reported that his X account was compromised, leading to the promotion of a fraudulent cryptocurrency.
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50 Cent, a well-known American rapper, posted a tweet about GUNIT tokens with a link to pump fun. Within half an hour of the post, the market value of GUNIT soared to more than $8 million. But as 50 Cent quickly deleted the tweet and said on Instagram that his Twitter was hacked…
— Wu Blockchain (@WuBlockchain) June 22, 2024
The hackers created a new token called “GUNIT” and leveraged Jackson’s 12.9 million followers on X to inflate the token’s price. This scheme, known as a “rug pull,” involved fraudulent developers boosting the token’s value before cashing out, leaving investors with worthless assets. GUNIT’s value plummeted to $0.00016 after the scam.
On June 21, Jackson took to Instagram to explain the situation. He stated, “Twitter worked quickly to lock my account back down. Whoever did this made $300,000,000 in 30 minutes,” emphasizing that he had no affiliation with the cryptocurrency. He shared images showing the memecoin’s price spike followed by a sharp decline, typical of a rug pull.
Trading data on Dex Scanner revealed that several wallet addresses sold significant amounts of GUNIT after it was promoted on Jackson’s account. Four accounts alone sold more than $100,000 worth of the token. Jackson claimed that the scam resulted in over $300 million in losses.
Celebrities and Cryptocurrency Scams
This incident is part of a growing trend where celebrities’ social media accounts are targeted to promote cryptocurrency scams. Caitlyn Jenner, for example, recently faced confusion over mixed messages regarding her own token, JENNER. Speculations about her X account being hacked were initially dismissed but resurfaced later. Jenner had asked her followers to “send me some of your favorite memecoins,” causing further confusion.
The rapper’s Instagram post highlighted the dangers of such schemes. “My Twitter & Thisis50.com was hacked. I have no association with this Crypto,” he reiterated. Twitter quickly secured the Grammy-nominated artist’s account, but not before the hackers made a significant profit.
The fraudulent promotion of GUNIT exploited Jackson’s large following, a tactic common among crypto scammers. These scammers manipulate the market by creating fake demand and then withdrawing funds once the price is inflated, leaving investors with devalued assets.
Despite Twitter’s rapid intervention, the damage had already been done. 50 Cent’s followers believed in the legitimacy of the memecoin due to its association with the rapper, resulting in significant financial losses. Known for manipulating markets, crypto scammers often impersonate businesses or celebrities to promote fraudulent tokens.
50 Cent has become the latest victim in a series of high-profile cryptocurrency scams. His case underscores the need for heightened security measures and vigilance among celebrities and their followers.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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