The GUNIT Scam 50 Cents Twitter Account Hacked to Promote Fake Solana Meme Coin

Rapper 50 Cent fell victim to a hacking incident on Friday when his Twitter account was compromised. The hacker used this opportunity to promote a new meme coin called GUNIT, tricking followers into believing that 50 Cent himself was launching his own cryptocurrency. This tactic was a clever ploy, as it capitalized on the recent trend of celebrities endorsing meme coins. However, it was later revealed that this was nothing more than a pump-and-dump scam.

The hacker went to great lengths to make the scam appear legitimate. They crafted tweets that cleverly referenced 50 Cent’s cognac brand and crypto history, further deceiving people into investing in GUNIT. As a result, there was a sudden surge in investments, causing the trading volume of GUNIT to skyrocket by 8,000% before ultimately crashing.

This incident involving 50 Cent is not an isolated case. High-profile account hacks have become a concerning trend. Just recently, the chief scientist of OpenAI had their account hacked, leading to the spread of misleading information about a token that would bridge AI and blockchain. Similarly, crypto scammers hijacked Microsoft India’s account and posed as “Roaring Kitty” to promote a fake GameStop crypto presale. These breaches highlight the alarming reality that any verified account can be exploited to promote fraudulent cryptocurrencies, posing a significant threat to online crypto platforms.

Investors need to be aware of the risks and take precautions when it comes to investing in cryptocurrencies. The scam surrounding 50 Cent’s account serves as a cautionary tale. After the hack, 50 Cent took to Instagram to announce the incident, revealing that the hacker had made a staggering $300 million in just 30 minutes. Twitter swiftly locked 50 Cent’s account, making the hacker’s posts inaccessible. Despite this, GUNIT still maintained a market cap of around $150,000, as some investors had purchased tokens even after the scam was exposed.

This incident underscores the dangers of investing in celebrity-endorsed meme coins. Investors must exercise caution and thoroughly verify the legitimacy of such endorsements to avoid falling victim to similar schemes in the future. Additionally, cases like this highlight the urgent need for robust authentication procedures to prevent these exploitations from occurring in the first place.