Renowned rapper and entrepreneur 50 Cent, also known as Curtis James Jackson III, alerted his vast Instagram following of 32.8 million users about a cyberattack targeting his former Twitter account, which was recently rebranded as X. According to Jackson, hackers orchestrated a sophisticated scheme where they used his high-profile social media platform to promote a cryptocurrency known as $GUNIT, ultimately resulting in a significant financial loss for investors.

The attack, identified as a "rug pull" in cryptocurrency terminology, involved the rapid promotion of $GUNIT to capitalize on Jackson's substantial following of approximately 12.9 million users on X. This strategy artificially inflated the token's value before its developers swiftly sold off their holdings, causing the token's price to plummet to $0.00016.

Jackson expressed his dismay over the incident on Instagram, claiming that the hackers managed to siphon off approximately $300 million within just 30 minutes through the fraudulent promotion. He emphasized that he had no involvement with $GUNIT and swiftly alerted Twitter, which promptly secured his compromised account.

Images shared by Jackson on Instagram depicted discussions within the crypto community regarding the sharp rise and subsequent collapse of $GUNIT's price, corroborating the rug pull allegations. Trading data analyzed by Cointelegraph on Dex Scanner revealed multiple wallet addresses liquidating significant sums of $GUNIT tokens immediately following the celebrity-driven promotion.

The incident marks a disturbing trend where celebrities unwittingly become conduits for fraudulent cryptocurrency schemes. Jackson's case follows similar controversies involving other public figures, including Caitlyn Jenner, whose involvement in the crypto market raised concerns about security and ethical standards within the industry.

While initial speculations about Jenner's X account being compromised were dispelled, questions lingered as she navigated the aftermath of promoting her own token, $JENNER. Despite clarifications and retractions, the incident underscored the volatility and risks associated with celebrity endorsements in the cryptocurrency space.

As regulatory scrutiny intensifies, stakeholders and investors are urged to exercise caution and conduct thorough due diligence before engaging with cryptocurrencies, especially those endorsed by public figures on social media platforms like X.