In a surprising turn of events, rapper 50 Cent’s (Curtis Jackson) X (formerly Twitter) account was hacked to promote a fraudulent Solana meme coin, GUNIT. The hack led to millions of dollars in crypto transactions within minutes, revealing a pump-and-dump scheme that left many investors reeling.
On Friday afternoon, 50 Cent’s X account began posting promotional tweets about a new Solana token called GUNIT, allegedly launched through Pump.fun. The tweets were detailed, referencing 50 Cent’s cognac brand and other celebrity-related crypto ventures. Despite initial skepticism from some users, many were convinced of the posts’ authenticity, leading to a flurry of investments.
In just 40 minutes, GUNIT’s trading volume soared to $18.6 million, with its value skyrocketing by 8,000%. However, the excitement was short-lived as the token’s liquidity vanished, causing its price to plummet. This sudden crash exposed the scheme, leaving investors with significant losses.
50 Cent quickly took to Instagram to confirm that his X account and website had been hacked. He revealed that the hackers had tagged his cognac brand, showcasing their attention to detail. Despite the rapid decline, GUNIT maintained a market capitalization of around $150,000, with some traders still buying the token.
The incident is part of a broader trend of celebrity-endorsed meme coins gaining immense value. Recently, tokens like Andrew Tate’s DADDY and Iggy Azalea’s MOTHER saw their market caps soar to $340 million and $200 million, respectively. These tokens, created through Pump.fun, have attracted investors with little more than celebrity endorsements.
50 Cent claimed the hackers made off with $300 million, although data suggests the token’s peak market cap was far lower. This discrepancy highlights the difference between a token’s market cap and the actual liquidity that can be extracted before a collapse.
This hacking incident follows a similar one involving Hulk Hogan earlier this month. Hackers used his X account to promote a HULK token, resulting in $82 million in trading volume in a single day.
The rise of celebrity meme coins and the accompanying scams underscore the need for caution in the volatile world of cryptocurrency investments.
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