- Hackers used 50 Cent's X account to advertise a faux memecoin primarily based on Solana.
- 50 Cent distanced himself from GUNIT by way of an Instagram announcement.
- GUNIT surged 8,000% inside minutes earlier than plunging.
Hackers seized management of fifty Cent's X account final Friday and used it to advertise a pump-and-dump scheme involving the Solana-based memecoin GUNIT. A sequence of promotional posts for the rip-off coin flooded X 50 Cent's account very quickly.
Posts on the hacked account had been elaborate, referencing manufacturers related to the rapper, together with his model of cognac, and referencing current tales about celebrity-related memecoins, equivalent to Martin Shkreli's Donald Trump Token (DJT).
The rap icon shortly distanced himself from memecoin GUNIT by way of an announcement on his official Instagram account. said:
“My Twitter and Thisis50.com have been hacked. I’ve no reference to this cryptocurrency.”
In his assertion, 50 Cent famous that X (previously Twitter) acted shortly to lock down his account. However he claimed the perpetrators made $300 million within the half-hour the scheme was energetic.
On the time of writing, 50 Cent's $300 million declare couldn’t be confirmed. Nonetheless, a number of knowledge sources revealed that the rip-off coin generated $18.6 million in buying and selling quantity in 40 minutes, rising in worth by round 8,000% earlier than collapsing as liquidity dried up.
Analysts consider hackers have cashed in on the continuing memecoin craze within the crypto business. 50 Cent is one in every of a number of celebrities who’ve fallen sufferer to hacking and impersonation in current weeks. Earlier this month, hackers hijacked former WWE Champion Hulk Hogan's X account to advertise HULK, a rip-off coin that attracted $82 million in buying and selling quantity in a single day.
Knowledge from DEXScreener exhibits that GUNIT has a market cap of $157,000 on the time of writing, with the token buying and selling at $0.0001585.
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