In a shocking turn of events, renowned rapper 50 Cent and his millions of social media followers found themselves at the centre of a sophisticated cryptocurrency scam.
The incident occurred on Friday when hackers gained access to the rapper’s accounts to promote a memecoin, resulting in significant financial gains for the perpetrators before the scam was detected and shut down.
The hackers targeted 50 Cent’s Twitter account and his website, thisis50, to push a cryptocurrency known as $gunit. The exact amount the scammers made remains uncertain.
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Initially, the rapper claimed that the hackers managed to generate $300,000,000 in just 30 minutes. However, according to a recent edit on his Instagram post, the figure has been revised to $3,000,000.
This incident appears to be a classic example of a pump-and-dump scheme. In such scams, perpetrators artificially inflate the price of a cryptocurrency through misleading promotions, only to sell off their holdings at the peak, leaving other investors with worthless assets.
In this case, 50 Cent’s vast social media following was exploited to create a sense of urgency and legitimacy around $gunit, driving up its value swiftly before the rug was pulled from under unsuspecting investors.
The incident serves as a stark reminder of the perils associated with the volatile world of cryptocurrency.
Both celebrities and their followers need to exercise heightened vigilance to avoid falling victim to such scams. As investigations continue, it is hoped that the perpetrators will be brought to justice, and lessons will be learned to prevent future occurrences.
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