- 50 Cent’s X account was recently compromised to promote a counterfeit Solana-based memecoin.
- The rapper took to Instagram to clarify his disassociation from GUNIT.
- GUNIT experienced an enormous spike of 8,000% within minutes, followed by a swift decline.
Hackers exploit 50 Cent’s X account to inflate and dump a Solana-based fake memecoin, GUNIT, causing massive but fleeting market activity.
50 Cent’s X Account Breached for Memecoin Scam
Last Friday saw a major cyber breach as hackers commandeered 50 Cent’s X account to orchestrate a pump-and-dump scam centered around the Solana-based memecoin, GUNIT. Promotional content for this fraudulent token inundated the rapper’s account in a short window.
Elaborate Promotional Strategy in Action
Detailed posts on the compromised account mentioned 50 Cent’s associated brands, including his cognac line, and referenced recent high-profile memecoin narratives, such as the Donald Trump Token (DJT) initiated by Martin Shkreli.
50 Cent’s Swift Response and Financial Impact
50 Cent immediately distanced himself from GUNIT with a prompt statement on his official Instagram account, assuring fans and followers of his lack of involvement. He praised X’s quick action in locking his account, despite his claims that the scammers pocketed $300 million within the brief window the scheme was operational.
Unconfirmed Claims and Real Trading Volumes
While 50 Cent’s assertion of a $300 million heist remains unverified, data sources indicated that GUNIT amassed $18.6 million in trading volume in just 40 minutes. Its value skyrocketed by approximately 8,000% before crashing as liquidity evaporated.
Analysts Weigh In on the Memecoin Frenzy
Experts believe hackers leveraged the current memecoin craze in the crypto space. The incident with 50 Cent is part of a larger trend where celebrities are increasingly becoming targets for such cyberattacks. Earlier this month, former WWE champion Hulk Hogan had his X account hacked to promote HULK, another scam coin that generated $82 million in a single day.
Conclusion
The recent hack of 50 Cent’s X account to promote GUNIT underscores the vulnerabilities in social media security, particularly for high-profile individuals. Despite quick actions by the involved platforms, these scams cause significant temporary market disruptions. As the memecoin phenomenon persists, both investors and celebrities must exercise heightened vigilance and caution to mitigate risks.
