Rapper 50 Cent recently fell victim to a sophisticated cyber attack, with hackers compromising his social media account and website to promote a fraudulent cryptocurrency token called GUNIT. The incident, which highlights the growing trend of celebrity social media hacks, resulted in scammers making off with a staggering $3 million in just 30 minutes.

The hackers exploited 50 Cent's massive social media following to artificially inflate the value of the GUNIT token, before selling off their holdings and causing the token's price to plummet. The rapper took to Instagram to alert his 32.8 million followers to the scam, stating that he had no association with the token and warning others not to fall victim to the same scheme.

This incident is just the latest in a string of celebrity social media hacks, with former Olympian Caitlyn Jenner also recently facing controversy over her own token launch. The recurring theme of celebrity involvement in crypto scandals has raised questions about the industry's regulatory oversight and the need for clearer guidelines to protect both celebrities and investors from fraudulent activities.

As the crypto market continues to evolve, it is essential that regulatory bodies take action to prevent similar incidents from occurring in the future. Enhanced security measures and clearer regulations could help protect both celebrities and investors from the financial and reputational damage caused by these scams.

In conclusion, 50 Cent's social media hack serves as a stark reminder of the vulnerabilities inherent in the current crypto market. As the industry continues to grow and evolve, it is crucial that regulatory bodies take action to protect both celebrities and investors from fraudulent activities. By staying vigilant and taking proactive measures, we can work towards a safer and more secure crypto market for all.