A bad actor has reportedly hacked into rapper 50 Cent’s X account and stolen millions of dollars worth of crypto after promoting a pump-and-dump scheme.
According to a new report by Fox Business, the rap artist says that his social media account was hacked by a scammer who made away with $3 million in under an hour.
50 Cent says that the fraudster used his account, which has 12.9 million followers, to promote a crypto token known as GUNIT – a reference to the popular hip-hop group he co-founded – causing an unknown amount of investors to purchase it.
However, the token ended up being a pump-and-dump scheme, where a fraudster created a new coin and used the rapper’s large social media following to inflate its price before selling all holdings.
In a recent post on Instagram, 50 Cent notified his fans that his X account as well as his website were compromised and also noted that he has no association with the GUNIT token
“My [X] and Thisis 50.com was hacked. I have no association with this crypto. [X] worked quickly to lock my account back down. Whoever did this made $3 million in 30 minutes.”
According to the decentralized exchange (DEX) data-aggregating platform Dex Screener, GUNIT is trading for $0.0001245 at time of writing with a market cap of $124,000.
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