Curtis “50 Cent” Jackson has not been proof against cryptocurrency scams. The “Within the Membership” rapper turned media mogul revealed he was really the sufferer of a cryptocurrency rip-off that value hackers hundreds of thousands of {dollars}.
Jackson shared on Instagram that his Twitter account and web site Thisis50.com had been hacked for selling fraudulent cryptocurrencies, and the scammers made $3 million in simply half-hour.
“My Twitter and Thisis 50.com had been hacked,” 50 Cent wrote. “I’ve nothing to do with this cryptocurrency. Twitter rapidly locked my account. Whoever did this made $3 million in half-hour.
Understanding this, hackers used a tactic referred to as a “pump and dump” scheme, during which they flood accounts with promotional messages to artificially inflate the worth of cryptocurrencies. A screenshot in 50 Cent’s submit exhibits the GUNIT cryptocurrency’s market capitalization skyrocketing from lower than $1 million.
The incident highlights the vulnerability of social media platforms to safety breaches and the way simply they are often exploited for monetary fraud. The rise of movie star meme cash, which frequently depend on movie star endorsements to drive up costs, has exacerbated the issue, making them engaging targets for such schemes.
