Rapper 50 Cent claims X account was hacked to promote celeb memecoin

Ciaran Lyons1 hour agoRapper 50 Cent claims X account was hacked to promote celeb memecoinRapper 50 Cent informed his 32.8 million Instagram followers that hackers used his X account to carry-out a multimillion-dollar memecoin rug pull.606 Total views3 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksRenowned rapper Curtis James Jackson III, better known as “50 Cent,” has claimed that his X (formerly Twitter) account and website were hacked, leading to hackers promoting a cryptocurrency pump-and-dump token.

Also referred to as a "Rug pull," fraudulent developers created a new crypto token "GUNIT," used Jackson"s large X following — approximately 12.9 million followers — to attract more investors and pump up the price, before draining its value and the token"s price crashing to $0.00016.

On June 21, Jackson made a post to his 32.8 million followers on Instagram claiming that his X account and website had been hacked, as well as claiming a significant amount of victim"s funds had been drained from the project.

“Twitter worked quickly to lock my account back down. Whoever did this made $300,000,000 in 30 minutes,” Jackson said, before declaring that he has “no association with this crypto.”Source: 50 Cent

He posted three images showing posts from others in the crypto community discussing the memecoin $GUNIT, with charts showing a sharp price spike followed by a sharp decline — a typical rugpull pattern.

Cointelegraph reviewed trading data of the $GUNIT memecoin on Dex Scanner, showing that multiple wallet addresses sold significant amounts of the token. Four accounts sold more than $100,000 of the memecoin following its promotion on the rapper’s X account.

50 Cent had claimed that users had been swindled of over $300 million as a result, a figure which grossly overstates the value that anonymous traders made from selling $GUNIT tokens.Trading data from Dex Screener shows that one $GUNIT holder sold $721,000 worth of the token following its promotion on 50 Cent"s X account. Source: Dex Screener

The news comes after a string of celebrities have been associated with cryptocurrency launches in recent times.Rise in celebrities promoting memecoins 

Caitlyn Jenner, one of the most recent celebrities to enter the crypto memecoin market, caused confusion within the industry over mixed messages following the launch of her own token. 

Speculations about her X account being hacked were initially dismissed but resurfaced later. While at the same time, she was defending the JENNER token itself.

On May 27, Cointelegraph reported that Jenner’s X account had posted a statement urging followers to “send me some of your favourite memecoins.”

Related:Memecoins are a ‘cornerstone’ of crypto — Galaxy’s Novogratz

While she later took the post down, she doubled down on promoting JENNER.

“That ad for a third party token was taken down! As I have said from the beginning the only focus I have is $Jenner and the ad I posted confused too many people, and was not worth it. Like I had said time and time again I’m fully focused on my token $Jenner,” she posted on X.

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