Hackers Target 50 Cent’s Account
Rapper 50 Cent recently revealed that his Twitter account was hacked and used to promote a fake cryptocurrency called GUNIT. He denied any involvement with the coin, claiming the hackers made millions of dollars from the scam.
Fake Coin Explodes, Then Crashes
Before 50 Cent’s announcement, many people traded GUNIT, believing it was backed by the rapper. The coin’s value skyrocketed, reaching a market cap of $6.5 million before it was exposed as a scam.
Celebrities and Meme Coins
50 Cent’s case isn’t isolated. Other celebrities, like Iggy Azalea, have created and promoted their own meme coins. These coins often generate hype but have little value or innovation.
Scammers Exploit Trend
Scammers are using the celebrity meme coin trend to create fake coins and deceive investors. They impersonate celebrities on social media and promote these coins, giving the impression that they’re endorsed by the stars.
A Growing Problem
Wrestling legend Hulk Hogan also had his account hacked to promote a meme coin. Scammers are taking advantage of the popularity of celebrity meme coins to make quick profits.
Concerns Raised
Some experts, like Vitalik Buterin, have criticized the celebrity meme coin trend, arguing that they lack substance and are primarily driven by greed.
