Rapper and entrepreneur 50 Cent has fallen victim to a sophisticated hacking scheme that saw scammers promote a fraudulent cryptocurrency token to his massive following on X (formerly Twitter). The hackers created a token called "GUNIT" and used 50 Cent's account to pump up its value, deceiving investors and making off with a staggering $300 million.

50 Cent, whose real name is Curtis James Jackson III, took to Instagram to alert his 32.8 million followers that his X account and website had been hacked. He denied any involvement with the cryptocurrency token and expressed shock at the scale of the scam. "Twitter worked quickly to lock my account back down. Whoever did this made $300,000,000 in 30 minutes," he wrote.

The incident is the latest in a string of celebrity-endorsed cryptocurrency launches that have raised eyebrows in the industry. Caitlyn Jenner, another high-profile celebrity, recently launched her own token, JENNER, which was met with confusion and skepticism. While Jenner denied that her account had been hacked, she did acknowledge that a promotional post for a third-party token had been taken down due to confusion.

The rise of memecoins, a type of cryptocurrency that is often promoted by celebrities and influencers, has been met with both excitement and skepticism. While some see them as a fun and innovative way to engage with cryptocurrency, others view them as a risky and potentially fraudulent way to make a quick buck. Galaxy Digital's Mike Novogratz has defended memecoins, calling them a "cornerstone" of the cryptocurrency market.

In conclusion, the hacking of 50 Cent's X account and the subsequent scam that followed serve as a reminder to be cautious when investing in cryptocurrency. Celebrities and influencers may have large followings, but their endorsements do not guarantee the legitimacy or value of a cryptocurrency token. As the cryptocurrency market continues to evolve, it is essential to stay informed and do your research before investing in any token or coin.