News View Non-AMP

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

Published by
Elena R

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

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

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

Could XRP Become a U.S. Strategic Reserve Asset?

The idea of the U.S. government holding XRP as part of a national reserve might…

April 22, 2025

Ripple News: XRP Futures Now Live on Coinbase, Is XRP ETF Next?

Coinbase Derivatives, LLC has launched CFTC-regulated futures contracts for XRP, adding to the growing list…

April 22, 2025

Big News: Pro-Crypto Paul Atkins Sworn In as SEC Chairman

In a huge development for the cryptocurrency industry, Paul Atkins has officially been sworn in…

April 22, 2025

Dogecoin Price Analysis: DOGE Faces Another Selloff as Altcoins Weakens Against Bitcoin

The wider crypto market may be attempting to follow the Gold price but the short-term…

April 22, 2025

Circle Payments Network Unveiled: Here is What You Need to Know

The Circle Payments Network will leverage regulated stablecoins led by USDC and EURC. The CPN…

April 22, 2025

Avalanche Card Unveiled: Will It Spark Bullish Momentum for AVAX?

The Avalanche ecosystem has grown significantly in the past year backed by institutional investors seeking…

April 22, 2025