50 Cent’s X Account Hacked, $3 Million Lost

Another scam with a memecoin. This time, an American rapper’s X account was involved in the scam, which promoted a specific memecoin. The damage: $300 million in losses for innocent investors.

American rapper Curtis James Jackson III, better known by the stage name “50 Cent”, has informed his followers on the social media platform Instagram that hackers have allegedly used his X account for memecoin scams.

The malicious developers created a new memecoin called GUNIT. They then used the rapper’s followers to further increase the price of the coin. Ultimately, the price crashed completely again.

On June 21, 50 Cent announced via his Instagram account that his X account and website had been hacked. He also informed his 32.8 million followers that large amounts of money had been withdrawn from the memecoin after unsuspecting investors had put their money in the coin.

The rapper added that he has no associations with cryptocurrencies. He posted three photos showing messages from the crypto community.

Research by the crypto news website Cointelegraph has shown that several wallets had sold large amounts of coins. For example, four wallets were responsible for a transaction of $100,000 worth of coins shortly after it was promoted.

The number of celebrity memecoin scams has been on the rise lately. Some celebrities are actually entering the memecoin market, giving a second life to their celebrity status. Other celebrities choose not to, but have to deal with scammers who pretend to be the artist.

Especially on the social media platform X, users often encounter crypto scams. Accounts are getting hacked more often and nowadays it’s very easy to get a blue check mark next to your name. In the past, this meant a verified person and was only used for celebrities or companies. This allowed users to quickly see what was real and what wasn’t.

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