Usman Salis
Rapper 50 Cent alleges his X account was hacked to promote the GUNIT memecoin, resulting in a pump-and-dump scheme.
50 Cent's X Account Hacked to Promote GUNIT Memecoin
Rapper Curtis James Jackson III, famously known as "50 Cent," recently claimed that his X account and website were hacked to promote a fraudulent cryptocurrency token, GUNIT. The hackers exploited his substantial following to orchestrate a pump-and-dump scheme, a tactic often referred to as a "rug pull."
Hackers created the GUNIT token and used Jackson’s X account, which boasts approximately 12.9 million followers, to draw in investors. This artificial promotion inflated the token's price, only for it to plummet to $0.00016 shortly after, causing significant financial loss to many.
On June 21, 50 Cent addressed his 32.8 million Instagram followers, explaining that his X account and website had been compromised, resulting in the depletion of funds from the fraudulent project. "Twitter worked quickly to lock my account back down. Whoever did this made $300,000,000 in 30 minutes," he posted, emphasizing his lack of involvement with the cryptocurrency.
Community Response and Trading Data
Jackson shared several images depicting posts from the crypto community about the GUNIT memecoin. These images illustrated the typical rug-pull pattern of a sharp price spike followed by a rapid decline. An analysis by Cointelegraph of trading data on Dex Screener revealed that multiple wallets sold large amounts of GUNIT, with four accounts liquidating over $100,000 each following the promotion on 50 Cent’s account.
Despite Jackson's claims of a $300 million fraud, the token’s total trading volume was recorded at $19.4 million at the time of publication, indicating an overestimation of the losses.
Celebrities and Cryptocurrency: A Growing Trend
This incident with 50 Cent is part of a broader trend of celebrities becoming entangled in cryptocurrency ventures. Caitlyn Jenner, for example, recently launched her own memecoin, causing confusion with her mixed messages regarding its promotion.
In late May, Jenner’s X account posted a request for followers to send their favorite memecoins, which was later deleted. Despite the initial confusion, Jenner continued to promote her JENNER token, asserting her commitment to it.
In conclusion, the hacking of 50 Cent’s X account to promote the GUNIT memecoin serves as a stark reminder of the risks associated with celebrity-endorsed cryptocurrencies. Investors are urged to exercise caution and conduct thorough research before engaging with such tokens to avoid falling victim to similar schemes.
Usman Salis
