American rapper and actor 50 Cent was not too long ago on the heart of the meme coin saga on Solana community. The rapper has denied selling the meme coin GUNIT, claiming that his X (previously Twitter) account was hacked by these selling the cryptocurrency.
Hackers focused 50 Cent’s account to advertise pretend crypto
50 Cent revealed in a publish on Instagram that his X account had been hacked, whereas denying any connection to the GUNIT meme coin promoted on his X account. He added that the hacker made $300 million from the flowery rip-off. Nevertheless, this appears unlikely given the liquidity of the meme coin and market cap earlier than it was rapidly uncovered as a rip-off.
Earlier than 50 Cent’s revelation, many have been buying and selling the GUNIT meme coin, believing it belonged to the rapper. The rapper’s X account has made a number of promotional posts concerning the GUNIT meme coin, which was created by way of Pump.enjoyable. Crypto Token Buying and selling Quantity Reaches Hundreds of thousands of {Dollars} and Rises to All-Time Excessive (ATH) market capitalization $6.5 million slightly below an hour earlier than it was revealed to be a rip-off.
50 Cent making a meme coin and selling it on his account appeared like an actual risk provided that a bunch of different celebrities not too long ago created their meme cash and have been actively selling them on their account X. This consists of Rapper Iggy Azaleawho created the meme coin MOTHER, which at the moment has a market cap of round $57 million.
The posts made by the hacker have been additionally well-planned and regarded convincing, as some referenced the 50 Cent model of cognac. Others have additionally referenced latest developments within the Solana meme coin area, together with Martin Shkreli the alleged creation of the DJT meme coin believed to have belonged to former US President Donald Trump.
A brand new and disturbing development
50 Cent is not the primary celeb to have his X account hacked to advertise the meme coin. Earlier this month, wrestling legend Hulk Hogan additionally suffered an identical destiny argued he did not make promotional posts from his X account selling the HULK meme coin.
Scammers are profiting from the celeb meme coin development to create meme cash and provides the misunderstanding that they have been truly created by a sure celeb. Though Donald Trump’s account was not hacked, one thing related occurred to DJT similar angle. This was primarily based on unconfirmed reviews Trump created it and finally dropped it after it was confirmed that he had no ties to the previous US president.
On the whole, some, together with Co-founder of Ethereum Vitalik Buterinhave criticized the development of celeb meme cash, noting that they lack innovation and are simply money grabs.
Picture from SecurityMadeSimple, chart from TradingView