Bitrabo Editorial
Recently, rapper and actor 50 Cent found himself in the midst of a meme coin controversy on the Solana network. He clarified that his X (formerly Twitter) account was compromised by hackers who promoted the GUNIT meme coin without his consent.
Hackers Exploit 50 Cent’s Account to Push Fraudulent Crypto
After his X account was hacked, 50 Cent shared on Instagram that he had no association with the GUNIT meme coin that was falsely advertised on his account. He emphasized that the hacker behind this scheme reportedly profited $300 million, although doubts exist due to the short-lived nature of the meme coin’s success.
Many individuals engaged in trading the GUNIT meme coin under the impression that it belonged to the rapper. The fraudulent promotion led to a temporary surge, with the meme coin reaching an all-time high market capitalization of $6.5 million before being exposed as a scam.
Considering the current trend of celebrities launching and promoting meme coins on social media, 50 Cent’s involvement initially seemed plausible. Noteworthy examples include Rapper Iggy Azalea’s creation of the MOTHER meme coin, valued at approximately $57 million.
The hacker’s meticulous promotional strategy involved mentioning 50 Cent’s cognac brand and capitalizing on recent developments in the Solana meme coin sphere, such as the alleged inception of the DJT meme coin by Martin Shkreli, rumored to be associated with former President Donald Trump.
An Alarming Emerging Pattern
50 Cent joins the list of celebrities whose social media accounts have been compromised for meme coin promotion purposes. Wrestling icon Hulk Hogan recently faced a similar situation when unauthorized posts endorsing the HULK meme coin appeared on his account.
Scammers are capitalizing on the celeb-driven meme coin trend to deceive users into believing that famous personalities endorse these coins. While Donald Trump’s account remained secure, a comparable incident occurred with the DJT meme coin, which surged on false claims of Trump’s involvement only to plummet upon the truth surfacing.
Notably, prominent figures like Ethereum’s Vitalik Buterin have criticized the proliferation of celebrity meme coins, highlighting their lack of genuine innovation and being primarily profit-driven ventures.
Featured image from SecurityMadeSimple, chart from TradingView