Rapper 50 Cent’s X Account Hacked, $3 Million Stolen as Crypto Scam

A hacker reportedly gained access to rapper 50 Cent’s X account, stealing millions in cryptocurrency through a pump-and-dump scheme. Fox Business reports that the scammer exploited the rapper’s 12.9 million followers to promote a new crypto token known as GUNIT, referencing the hip-hop group he co-founded.

50 Cent revealed that the fraudster made away with $3 million in under an hour. The hacker used the rapper’s account to inflate the price of the GUNIT token before selling all holdings, leaving many investors at a loss.

In a recent Instagram post, 50 Cent alerted his fans that both his X account and website were compromised. He clarified, “My [X] and Thisis50.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.”

Pump-and-Dump Tactics Exposed

The incident highlights the risks of pump-and-dump schemes, where fraudsters create new coins and use influential social media accounts to inflate their value. This tactic often targets unwitting investors who buy in, only to see the price plummet once the scammers sell off their holdings.

50 Cent’s warning underscores the importance of verifying the authenticity of crypto promotions, especially when they come from high-profile accounts. The rapper’s swift action in alerting his followers aims to prevent further exploitation.