In a surprising turn of events, rapper 50 Cent revealed on Instagram that his website and social media accounts were hacked. This incident is now being referred to as the 50 Cent Cryptocurrency Scam. Consequently, this led to a massive scam involving cryptocurrency. On June 21, 2024, 50 Cent clarified that he had no association with the $GUNIT cryptocurrency being promoted on his platforms. He stated that the hacker managed to make a staggering $300 million in just 30 minutes. This was done by deceiving his fans during the 50 Cent Cryptocurrency Scam.
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The Incident
50 Cent took to Instagram to explain the situation: “My Twitter & Thisis50.com was hacked, I have no association with this Crypto,” he wrote, addressing concerns about the 50 Cent Cryptocurrency Scam.
“Twitter worked quickly to lock my account back down. Whoever did this made $300,000,000 in 30 minutes.”
The rapper included screenshots from the $GUNIT cryptocurrency. Its market value soared from under $1 million to an astronomical figure within a short period.
Previous Cryptocurrency Involvements
This isn’t 50 Cent’s first brush with cryptocurrency. Back in 2018, there were reports that the rapper had made millions from Bitcoin.
TMZ claimed that 50 Cent had amassed a significant amount of Bitcoin through sales of his album “Animal Ambition” in 2014. At that time he offered Bitcoin as a payment option.
It was reported that he had collected about 700 bitcoins, valued at approximately $662 each at the time. This amounted to between $7 million and $8.5 million.
However, 50 Cent later denied these claims in court. He stated that while he did accept Bitcoin payments, he did not hold onto the cryptocurrency. Therefore, he did not profit from it.
According to court documents, he clarified in bankruptcy court that he had never owned or used Bitcoin in a way that generated significant profits.
The Impact
This latest hacking incident, which has become known as the 50 Cent Cryptocurrency Scam, highlights the vulnerabilities of online platforms and the potential for significant financial scams involving cryptocurrencies.
50 Cent’s swift action and public clarification helped prevent further damage. However, the event underscores the importance of robust cybersecurity measures.
