50 Cent Says X’s Account Was Hacked To Promote Solana Meme Hard Coin
American rapper and actor 50 Cent was recently at the center of a meme currency saga in Solana Network. The rapper has dismissed the promotion of the GUNIT meme coin, saying that his X account (formerly Twitter) was hacked by people pushing the cryptocurrency.
Hackers Identified 50 Cent’s Account To Promote Fake Crypto
50 Cent it was revealed in an Instagram post that his X account was hacked while denying any relationship with the GUNIT meme coin, which was uploaded to his X account. He also added that the hacker made R300 million from this scam. However, that seems unlikely, when you think about it meme coin and market cap before it was quickly discovered as a scam.
Before 50 Cent’s revelation, many traded on the GUNIT meme coin based on the belief that the rapper owned it. Rapper X’s account has done a few promotions about the GUNIT meme coin, created via Pump.fun. The crypto token witnessed millions of dollars in trading volume and rose to an all-time high (ATH) market capitalization of 6.5 million rands less than an hour before it was revealed to be a scam.
50 Cent creating a meme coin and promoting it on his account seemed like a real possibility, given that a host of other celebrities they just created their own meme coins and are actively promoting them on their X account. This includes Rapper Iggy Azaleawho created the MAMA meme coin, which currently has a market capitalization of around $57 million.
The post made by the hacker was also well organized and looked convincing, as some referred to 50 Cent’s brand of cognac. Others also refer to recent developments in the Solana meme space, including Martin Shkreli allegedly created by the DJT meme coin, believed to belong to former US President Donald Trump.
A New and Worrying Trend
50 Cent isn’t the first celebrity to have his X account hacked to promote a meme coin. Earlier this month, wrestling legend Hulk Hogan also suffered a similar fate wanted he did not make a promotional post from his X account, promoting the HULK meme coin.
Scammers use the trend of celebrity meme coins to create meme coins and give the false impression that they are actually created by a certain celebrity. Although Donald Trump’s account was not hacked, the same thing happened with DJT money meme. It issued unconfirmed reports that Trump he created it and it was finally abandoned after it was confirmed that he had no relationship with the former American president.
Generally, some, including Ethereum’s founder Vitalik Buterincriticized the celeb meme coin trend, noting how it lacked innovation and was simply a cash grab.
Featured image from SecurityMadeSimple, chart from TradingView
