Violet Vallaya
Rapper and entrepreneur 50 Cent, known for his rags-to-riches story, found himself on the other end of the financial spectrum this weekend after his social media accounts were compromised to promote a fraudulent cryptocurrency. The incident highlights celebrities’ growing vulnerability in the crypto world’s wild west.
Hackers accessed 50 Cent’s X account and his website, Thisis50.com. They then used these platforms to promote a new cryptocurrency called GUNIT aggressively. The name, a clear reference to the rapper’s G-Unit record label, was likely chosen to create a false association and capitalize on 50 Cent’s massive following.
The hackers flooded the accounts with promotional messages. This tactic, known as a “pump-and-dump” scheme, aims to inflate the price of a cryptocurrency artificially through misleading information and celebrity endorsements.
The rapper claimed on his social media accounts, including his verified Instagram account, that the hackers made a staggering $3 million within 30 minutes. According to Wu Blockchain, within half an hour of the post, the market value of GUNIT soared to more than $8 million.
This incident is not an isolated one. Celebrities have increasingly become targets for crypto scams. In early June, Hulk Hogan’s social media account promoted a new cryptocurrency called the HULK token. The token’s value surged quickly but then crashed by more than 80% within just 15 minutes. Following this dramatic crash, the famous retired professional wrester deleted all posts about the token from his account, claiming his account had been hacked. However, there’s no confirmation to support this claim.
Nonetheless, the incident raises concerns about the lack of security measures on social media platforms and the ease with which they can be manipulated for financial gain.
The rise of celebrity meme coins – cryptocurrencies inspired by internet culture, some of which lack real-world utility – has further exacerbated the problem. These coins often rely heavily on celebrity endorsements to inflate their prices, making them prime targets for pump-and-dump schemes.
The 50 Cent incident serves as a stark reminder for investors to exercise extreme caution when encountering cryptocurrencies promoted by celebrities. Verifying the legitimacy of a project and conducting thorough research are crucial before investing any money. Additionally, social media platforms need to implement stricter security protocols to protect high-profile accounts from hacking attempts.
