On June 21, 2024, rapper Curtis James Jackson III, widely known as 50 Cent, revealed that his X account and website had been hacked. The breach led to the promotion of a fraudulent cryptocurrency token named “GUNIT,” which was used in a pump-and-dump scam. The scam, often referred to as a “rug pull,” manipulated Jackson’s substantial social media following to artificially inflate the token’s value before collapsing it, resulting in a significant financial loss.
The investigation into the hack confirmed that the unauthorized access occurred between April 22 and April 24, 2024. The attackers exploited Jackson’s large following to drive up the token’s price, which eventually plummeted to $0.00016 after the scammers sold off their holdings. Jackson publicly disclaimed any association with the GUNIT token, which he claimed led to over $300 million in alleged losses, though actual trading volume was reported at $19.4 million.
Jackson’s revelation followed a swift response from X, which secured his account after the breach. He used his Instagram platform to warn followers of the scam and provide evidence of the token’s manipulation. The hacker’s actions not only defrauded investors but also highlighted the risks associated with celebrity-endorsed cryptocurrencies.
The incident reflects a broader trend where celebrities are increasingly linked to controversial cryptocurrency projects. Similar issues have arisen with other celebrities, such as Caitlyn Jenner, who faced confusion and backlash over her own cryptocurrency token. This ongoing scrutiny emphasizes the need for caution in the crypto space, particularly regarding endorsements and account security.
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