50 Cents GUNIT Crypto Account Hacked for the Purpose of Artificially Inflating and then Dumping

Rapper 50 Cent’s Twitter account fell victim to a sophisticated hack last Friday, resulting in the promotion of a fraudulent cryptocurrency called GUNIT. The hacker cleverly crafted tweets that made it appear as if 50 Cent himself was endorsing the token, using references to his cognac brand and previous involvement in cryptocurrencies. This deceptive tactic led to a massive increase in investments, causing GUNIT’s trading volume to skyrocket by 8,000% before abruptly crashing.

Unfortunately, this incident is part of a disturbing trend where verified accounts, regardless of their owners’ fame, are exploited to promote fraudulent cryptocurrencies. Notable figures such as OpenAI’s chief scientist and Microsoft India’s official account have also fallen victim to similar breaches, highlighting the serious threat to online platforms.

The fallout from the scam was significant, with 50 Cent announcing on Instagram that his Twitter and website had been hacked. He revealed that the hacker had made a staggering $300,000,000 in just 30 minutes. Despite the scam being exposed, some investors continued to purchase GUNIT, resulting in the coin maintaining a market cap of around $150,000.

This incident serves as a crucial lesson about the risks associated with celebrity-backed meme coins. Investors are strongly advised to exercise caution and thoroughly verify the legitimacy of endorsements before investing. Additionally, implementing robust authentication measures is essential to prevent similar breaches and protect online platforms from exploitation.

Help spread awareness by sharing this article with your friends and family to keep them safe from online scams.