50 Cent’s Twitter Hack Results in $GUNIT Pump-and-Dump Scandal, Investors Burned

• Hackers target rapper 50 Cent’s social media in a sophisticated scheme.
• The fraudulent promotion of a new Solana token, GUNIT, leads to significant financial losses.
• “My social media accounts were compromised,” 50 Cent reveals on Instagram.

50 Cent’s hacked Twitter account lures investors into a pump-and-dump cryptocurrency scam, resulting in millions of dollars in losses.

50 Cent’s Twitter Compromised in Crypto Fraud

On Friday, rapper 50 Cent’s Twitter account became the unexpected stage for a cryptocurrency scam. Fraudsters took control of the rapper’s social media to promote a new Solana token, GUNIT, tricking unsuspecting investors. This incident highlights the pervasive threat of social media hacks in the crypto community.

Elaborate Deception: The Rise and Fall of GUNIT Token

The fraudulent posts were meticulously crafted, referencing 50 Cent’s own cognac brand and paralleling other celebrity-endorsed coins. Despite initial skepticism, many fell for the scheme, flooding $18.6 million into the GUNIT token within 40 minutes. The token’s value skyrocketed by 8,000%, only to plummet shortly after as liquidity drained.

Celebrity-Endorsed Meme Coins: A Cautionary Tale

Recent trends show that celebrity-backed meme coins can generate massive financial movements with minimal substance. Examples include the DADDY token promoted by Andrew Tate and Iggy Azalea’s MOTHER token, both witnessing huge market capitalizations. This phenomenon underscores the power of celebrity influence in the crypto space and the risks involved.

The Aftermath: 50 Cent’s Response

Following the incident, 50 Cent addressed his followers via Instagram, confirming the hack and emphasizing that his Twitter and website were compromised. The rapper’s account was subsequently locked, rendering all fraudulent posts inaccessible. Despite the token’s collapse, GUNIT still retains a market capitalization of around $150,000 as some investors continue to purchase it.

Conclusion

This incident serves as a stark reminder of the vulnerabilities within the cryptocurrency market, especially in the realm of social media-driven investments. Investors must exercise caution and verify the authenticity of promotions, particularly those involving high-profile endorsements. As the market evolves, the emphasis on cybersecurity and due diligence becomes paramount for protecting financial interests.