Rapper 50 Cent's verified social media accounts, including Instagram, Twitter (now X), and his personal website, were hacked by scammers. They exploited his platforms to promote a fraudulent cryptocurrency token called "GUNIT," referencing the hip-hop group G-Unit.
The hackers conducted a pump-and-dump scheme, artificially inflating the token's value by posting messages prompting users to buy the coin. Within 30 minutes, an estimated $3 million was made before the accounts were shut down, and the token's value crashed, resulting in significant losses for investors.
After regaining control of his accounts, 50 Cent clarified that he had no involvement with the GUNIT token, deleted the tweet endorsing it, and warned his followers to be cautious of celebrities endorsing cryptocurrencies.
Despite being exposed, GUNIT still had a market cap of $150,000 due to continued investments.
50 Cent explained on Instagram that the hacker made $720K in 30 minutes by promoting the "$GUNIT" token on his hacked Twitter/X account.
Some crypto enthusiasts initially viewed the "$GUNIT" token as a potential investment opportunity after 50 Cent's tweet, while other pointe to potential red flags. One commentator pointed out suspicious facts about the "$GUNIT" token, calling it a pump-and-dump game and advising people to stay away.
All tweets from 50 Cent's account mentioning the "$GUNIT" token have disappeared, possibly due to the X team taking action against the hacker. 50 Cent urged people to avoid the "$GUNIT" token.
This article was written in collaboration with Generative AI news company Alchemiq
Sources: foxbusiness.com, engadget.com, hypefresh.com, beincrypto.com, coinpedia.org, $CRYPTOTIMES.IO, u.today, wbls.com, hotnewhiphop.com, and bitcoinik.com.