Crypto Analyzer

50 Cent Says X Account Was Hacked To Promote Rugged Solana Meme Coin

## 50 Cent Denies Involvement in Promoting Fake Crypto Coin

American rapper and actor 50 Cent recently found himself in the midst of a controversy involving a meme coin on the Solana network. The rapper clarified that his account, formerly known as Twitter, was hacked by individuals who used it to promote the GUNIT meme coin, a cryptocurrency he denied any connection to. The situation unfolded with the hacker allegedly making $300 million from the scam before it was exposed.

### The Hacker’s Scheme
50 Cent detailed the hacking incident on his Instagram account, emphasizing that he had no involvement with the GUNIT meme coin. The fraudulent scheme misled many investors into believing that the rapper endorsed the coin, resulting in a surge in trading volume and market capitalization before the truth came to light. The incident served as a cautionary tale about the risks associated with celebrity-endorsed meme coins.

### A Disturbing Trend
Unfortunately, 50 Cent is not the only celebrity targeted in such scams. Wrestling legend Hulk Hogan also fell victim to a similar hack, with his account used to promote the HULK meme coin. This growing trend of celebrities having their accounts compromised to promote meme coins raises concerns about the need for enhanced security measures and vigilance in the crypto space.

### Criticism and Awareness
Industry experts, including Ethereum’s co-founder Vitalik Buterin, have criticized the proliferation of celebrity-endorsed meme coins, citing their lack of innovation and opportunistic nature. The incidents involving high-profile personalities like 50 Cent and Hulk Hogan underscore the importance of due diligence and skepticism when it comes to investing in cryptocurrency projects.

As the crypto market continues to evolve, it is crucial for investors to exercise caution, conduct thorough research, and remain vigilant against fraudulent schemes and misinformation. The cases involving 50 Cent and other celebrities highlight the need for greater awareness and scrutiny in navigating the ever-changing landscape of digital assets.