50 Cent’s Account Hacked to Pump (and Dump) Fake GUNIT Crypto

Last Friday, rapper 50 Cent, also known as Curtis Jackson, fell victim to a sophisticated hack on his Twitter account. The hacker used the platform to promote a new cryptocurrency called GUNIT, initially making it appear as if 50 Cent himself was endorsing the token. However, it turned out to be a deceptive pump-and-dump scheme.

The hacker crafted tweets that cleverly referenced 50 Cent’s cognac brand and previous involvement in cryptocurrencies, making the scam seem legitimate. This tactic led to a massive increase in investments, causing GUNIT’s trading volume to skyrocket by 8,000% before crashing abruptly.

Want to know how it went down? Read on!

A Disturbing Trend in Online Security

This incident is part of a concerning trend where verified accounts, regardless of their owners’ fame, are exploited to promote fraudulent cryptocurrencies. Similar breaches have affected notable figures like OpenAI’s chief scientist and Microsoft India’s official account, highlighting a serious threat to online platforms.

Massive Market Fallout

The scam was revealed as 50 Cent announced on Instagram that his Twitter and website had been hacked.

“Who ever did this made $300,000,000 in 30 minutes.” 

Despite the scam being exposed, GUNIT still maintained a market cap of around $150,000 as some investors continued to purchase the coin.

Crucial Lessons Learned

This incident displays the risks associated with celebrity-backed meme coins. Investors are advised to exercise caution, thoroughly verifying the legitimacy of endorsements before investing. Furthermore, implementing strong authentication measures is crucial to prevent similar breaches and protect online platforms from exploitation.

Read Also: Crypto Crackdown! FCA Arrests Masterminds Behind £1 Billion Operation

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