- June 24, 2024
- Posted by: [email protected]
- Category:
Popular American rapper 50 Cent took to his Instagram handle to announce that hackers recently overtook his X account and his official website. After briefly losing control of his X account, the hackers successfully attracted investors into a pump-and-dump scheme, carting away funds worth several millions of dollars. The hackers leveraged the rapper’s significant social media influence and employed this scheme to promote the Solana-based memecoin GUNIT, which, according to 50 Cent, was a phony. The rapper informed his Instagram followers that although X moderators quickly reacted to the hack, which helped him regain control of the account in a short while, the hackers still made away with substantial amounts of money in just half an hour.
The posts on the hacked account were intentionally extensive and skillfully deceptive, mentioning the rapper’s affiliated brands, such as Cognac, and his previous associations in cryptocurrencies to con unsuspecting victims. Many investors fell victim to the scheme, leading to a surge in investments. The hackers artificially pumped the GUNIT trading volume, and it skyrocketed by 8,000%, but only for a moment. The spike was followed by a steep decline.
After the rug was pulled, the hackers stole $300,000,000 (according to 50 Cent). He wrote, “Twitter responded promptly to re-lock my account. Whoever performed this made $300,000,000 in 30 minutes.”
50 Cent alleged that users had been defrauded of over $300,000,000, a value that grossly exaggerates the profits made by anonymous traders from selling GUNIT tokens. He made sure to disclaim any associations or affiliations with the scheme.
This incident highlights the necessity for strong security measures and the protection of user reputations (especially influential figures) on the part of social media platform authorities. It also highlights the dangers and potential risks linked to cryptocurrencies. Investors should carry out thorough investigations on offers or trades that are too good to be true.
