50 Cent Denies Involvement in GUNIT Meme Coin Scam

50 Cent Denies Involvement in GUNIT Meme Coin Scam

American rapper and actor 50 Cent found himself in the middle of a cryptocurrency scam involving the GUNIT meme coin on the Solana network. The rapper took to Instagram to clarify that his X account was hacked, leading to the promotion of the fake crypto token.

According to 50 Cent, the hackers behind the scam managed to make $300 million through the elaborate scheme. However, the actual liquidity and market cap of the GUNIT meme coin before it was exposed as a scam cast doubt on this claim.

Prior to the revelation, many individuals had traded the GUNIT meme coin under the assumption that it was endorsed by the rapper. The fake cryptocurrency saw a surge in trading volume and reached a market capitalization of $6.5 million within an hour before its true nature was uncovered.

The incident involving 50 Cent is part of a worrying trend where celebrities’ social media accounts are hacked to promote meme coins. Wrestling legend Hulk Hogan also fell victim to a similar scam recently with the HULK meme coin.

Critics, including Ethereum co-founder Vitalik Buterin, have raised concerns about the lack of innovation and potential for exploitation in the celebrity meme coin trend. Despite the allure of quick profits, investors are advised to exercise caution and conduct thorough research before participating in such ventures.

As the crypto market continues to evolve, it is essential for users to remain vigilant and stay informed about potential risks and scams in the industry.