50 Cent denies being involved in $500M crypto rug pull

50 Cent denies being involved in $500M crypto rug pullCurtis James Jackson III "50 Cent" (Variety)


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In this post:

  • 50 Cent’s X account and website were hacked to promote a fraudulent crypto token called GUNIT.
  • The scam, a typical rug pull, saw the GUNIT token’s value artificially inflated before crashing.
  • 50 denied any connection to the GUNIT token and stated the hackers made $300 million in 30 minutes.

Renowned rapper Curtis James Jackson III, better known as “50 Cent” or “Fif,” has vehemently denied any involvement in a $500 million cryptocurrency scam.

Hackers took control of his Twitter account and website, using them to promote a fraudulent crypto token called “GUNIT.” With a following of about 12.9 million, the hackers exploited his popularity to lure investors right into a rug pull.

The scam saw the value of the GUNIT token artificially inflated before being abruptly drained, causing the price to crash to $0.00016. Yesterday, Fif informed his 33 million Instagram followers about the hack, stating that a huge amount of money was stolen from the project.

He shared details of the hack, explaining that Twitter acted quickly to secure his account. “Twitter worked quickly to lock my account back down. Whoever did this made $300,000,000 in 30 minutes.”

50 Cent denies being involved in $500M crypto rug pull
Source: Instagram

He emphasized that he had no connection to the GUNIT token and posted images showing discussions in the crypto community about it.

50 Cent had a brush with the cryptocurrency world back in 2018. He was rumored to have made millions by getting into Bitcoin early. The G-Unit leader even accepted Bitcoin payments for his album “Animal Ambition.”

Reports suggested he earned about 700 bitcoins, then valued at approximately $662 per bitcoin, translating to between $7 million and $8.5 million.

However, Fif soon debunked these claims. In court documents, he denied owning or using Bitcoin. He admitted to accepting Bitcoin payments but said they never generated profits.

This clarification came during his bankruptcy proceedings, where he had to explain the reported earnings. Despite the 2018 rumors, Fif’s involvement in cryptocurrency has been minimal and not as profitable as speculated.

Jai Hamid

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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