Rapper 50 Cent's Twitter account was hacked on Friday. Hackers used his account for a pump-and-dump scheme for a new Solana token.
The hacker posted a flurry of tweets promoting "GUNIT" coin. They referenced 50 Cent's cognac brand and other celebrity crypto projects. It looked legit at first glance, and that is exactly what made the hack so brilliant. The crowd was enchanted, and the dirty scheme worked out pretty well almost immediately.
Crypto enthusiasts jumped on board. GUNIT's trading volume hit $18.6 million in just 40 minutes. The token's value skyrocketed by 8,000%.
But the party didn't last long. 50 Cent, real name Curtis Jackson, confirmed the hack on Instagram. "My Twitter and website got hacked," he wrote. He tagged his cognac brand in the post.
Twitter quickly locked 50 Cent's account. All tweets became inaccessible.
GUNIT's value plummeted on the news. But some folks are still buying. The token's market cap is around $150,000 at the time of writing.
50 Cent claimed the hacker made off with $300 million. That's a stretch. Data shows the token's market cap never came close to that figure.
This isn't the first celebrity crypto hack. Earlier this month, Hulk Hogan's Twitter was compromised. Hackers promoted a HULK token that saw $82 million in trading volume in one day.
The incident highlights the risks of celebrity-endorsed cryptocurrencies. It's a reminder to always do your own research before investing. Especially when you see a sudden, and thus suspicious, celebrity post about some coin you have never heard before.
The crypto world is still the Wild West, and you better remember about it at all times.