As a researcher with a background in cybersecurity and cryptocurrencies, I find the recent incident involving 50 Cent’s X account being hacked to promote the GUNIT meme coin on Solana both intriguing and concerning. Having closely followed the crypto space, I have observed an increasing trend of celebrities creating and promoting their own meme coins, which has led to heightened susceptibility to such scams.
As a crypto investor, I’ve been following the buzz surrounding the meme coin GUNIT on the Solana network lately. However, I want to clarify that I didn’t intentionally promote this digital asset. The truth is, my Twitter account (previously X) was compromised by individuals who took advantage of the situation to spread the word about the coin.
Hackers Target 50 Cent’s Account To Promote Fake Crypto
Fifty Cent announced via Instagram that an unauthorized individual had gained access to his X account. He distanced himself from the GUNIT meme coin promotion on this platform, stating that he had no involvement in it. The hacker allegedly made $300 million through this scheme, but given the previous limited liquidity and market capitalization of the meme coin before its exposure as a fraudulent venture, this claim seems implausible.
Prior to 50 Cent’s announcement, there was widespread speculation among cryptocurrency traders that the rapper owned the GUNIT meme coin due to his promotional posts on Twitter. The X account of the musician made several buzz-generating tweets about this digital currency, which had been launched via Pump.fun. As a result, GUNIT experienced significant trading volume and reached an impressive market capitalization of $6.5 million in a very short time frame. However, it was later exposed as a fraudulent scheme.
As a crypto investor, I’ve noticed an intriguing trend where celebrities have been dipping their toes into the world of meme coins by creating and promoting them on social media. Fifty Cent’s potential entry into this space was a real possibility, given that rapper Iggy Azalea and other notable figures have already followed suit. Iggy Azalea’s creation, MOTHER coin, currently boasts a market capitalization of approximately $57 million.
The hacker’s posts were meticulously crafted and appeared authentic to many. Some references pointed towards 50 Cent’s cognac brand, while others hinted at the ongoing events in the Solana meme coin market. Notably, there were insinuations about Martin Shkreli’s supposed creation of DJT meme coin, which was rumored to be owned by former US President Donald Trump.
A New And Worrisome Trend
Fifty Cent isn’t the only famous figure to experience an unauthorized takeover of their X account for the purpose of endorsing a meme coin recently. Before him, wrestling icon Hulk Hogan went through a similar ordeal. He asserted that he wasn’t behind the promotional messages about the HULK meme coin that appeared on his X account.
As a researcher studying the trend of celebrity-themed meme coins, I’ve noticed an alarming pattern emerging. Scammers are capitalizing on this popular phenomenon by creating false meme coins and giving the impression that a specific celebrity is behind them. For instance, despite Donald Trump’s account not being hacked, there was an occurrence involving the DJT coin. This coin saw a surge in value based on unconfirmed rumors that Trump had created it. However, once it was confirmed that Trump had no involvement with the coin whatsoever, its value plummeted.
As a researcher studying the cryptocurrency market, I’ve observed that some individuals, among them Ethereum‘s co-founder Vitalik Buterin, have voiced criticism towards the trend of meme coins associated with celebrities. They argue that these coins often lack innovation and serve primarily as cash grab opportunities.
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2024-06-23 02:11