Also known as a “rug pull,” dishonest coders developed a new crypto token, “GUNIT,” attracted additional investors, raised the price using 50 Cent’s huge X following—oover 12.9 million followers—tthen drained its worth, and the token’s price dropped to $0.00016.

50 Cent posted to his 32.8 million Instagram followers on June 21 stating that his X account and website had been hacked and also noting that a large sum of the victim’s money had been taken from the project.

This Might Interest You: Celebrity Memecoins Plummet, But One Defies the Trend

“Twitter locked my account back down fast.” 50 Cent added, “Whoever did this made $300,000,000 in 30 minutes, no association with this crypto.”

He uploaded three pictures of posts from other members of the cryptocurrency community debating the memecoin $GUNIT, accompanied by charts displaying a normal rugpull pattern with a clear price surge followed by a dramatic fall.

The news follows a pattern of celebrities connected to bitcoin introductions lately.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post 50 Cent’s X Hacked, $300M Cryptocurrency Scam Unveiled appeared first on Coin Engineer.