On June 21, 50 Cent, whose real name is Curtis James Jackson, posted on Instagram to inform his 32.8 million followers that both his X account and personal website, thisis50.com, had been compromised. The “Expendables 4” star clarified that he has no connection with the fake cryptocurrency and explained how hackers utilized his extensive social media reach to attract investors. This influx of investors led to a reported surge in the value of GUNIT, which later plummeted to $0.00016 after the scammers sold their holdings.
50 Cent shared screenshots on Instagram that depicted the rapid rise and sudden fall of GUNIT’s market value. It is believed that the hackers made off with as much as $300,000,000 in just 30 minutes, with five accounts offloading over 670 million GUNIT tokens worth upwards of $2.3 million. Currently, the meme coin has 2,799 holders and a market cap of $330,000.
This recent incident is not 50 Cent’s first involvement with crypto. In 2018, TMZ estimated that his Bitcoin stash would have been valued at between $7 million and $8.5 million when it published the story.