Rapper 50 Cent, whose real name is Curtis James Jackson III, is facing accusations of involvement in a cryptocurrency scam that allegedly defrauded users of $300 million in just 30 minutes.
Hacked Account, Promoted Scam Coin?
50 Cent took to his Instagram account on Friday, June 21st, to vehemently deny any association with the scam. He claims his social media platform, including his website Thisis50.com, was hacked. The hackers then allegedly used his accounts to promote a cryptocurrency called GUNIT.
Rapid Rug Pull
According to reports, shortly after the promotion, the price of GUNIT skyrocketed, attracting new investors. However, in a classic "rug pull" maneuver, the scammers quickly withdrew all the liquidity from the project, leaving investors with worthless tokens.
50 Cent Fights Back
50 Cent maintains his innocence and insists he had no knowledge of the GUNIT promotion. He claims to have regained control of his accounts and is cooperating with the authorities to investigate the hacking incident.
Unanswered Questions
While 50 Cent denies involvement, some questions remain unanswered. The ease with which the hackers allegedly accessed his accounts raises concerns about his cybersecurity measures. Additionally, the swiftness of the scam suggests a level of planning that may be difficult to reconcile with a random hacking event.
Authorities Investigate
Law enforcement is likely to play a crucial role in determining the truth behind the allegations. Authorities will need to investigate the hacking claims and trace the movement of funds associated with the GUNIT token.
A Cautionary Tale
This incident serves as a stark reminder of the dangers associated with investing in unregulated cryptocurrency projects, especially those promoted by celebrities. It's crucial to conduct thorough research before investing in any cryptocurrency and to be wary of sudden price surges or endorsements from unknown sources.
Editor- Sarah Fathima Ahmed
June 2024, Cryptoniteuae