In a shocking turn of events, the X account of American rapper 50 Cent (actual name is Curtis James Jackson III) was hijacked by a hacker who exploited the platform to promote a fraudulent cryptocurrency, resulting in a massive $300 million haul in less than an hour. According to crypto journalist Colin Wu, the scam involved the coin GUNIT, which the hacker falsely claimed was released by the famous rapper.
50 Cent Says he has no Involvement With GUNIT
The incident unfolded swiftly as the hacker took control of 50 Cent’s verified X account, leveraging his massive follower base to give the scam an appearance of legitimacy. Once in control, the hacker posted a series of tweets announcing the launch of GUNIT, purportedly a new cryptocurrency backed by 50 Cent. The posts included links directing followers to a website where they could purchase the coin.
Shortly after the cyber attack, the rapper regained control of his X account. On his Instagram account, he stated that he had no involvement with that specific token and that the hacker had made hundreds of millions of U.S. dollars in just a few minutes. Immediately, he deleted the tweet promoting GUNIT.
This incident highlights the vulnerabilities in social media security, even for high-profile accounts, and underscores the risks associated with the rapidly evolving cryptocurrency market. It also serves as a cautionary tale for investors to exercise due diligence and skepticism, especially when dealing with celebrity-endorsed financial opportunities.
Elon Musk Unveils Solution to Combat Deepfake Scam
Last month, Elon Musk, the enigmatic CEO of Tesla and SpaceX unveiled a solution to combat deepfake scams. The feature aims to offer corrections to posts and often warns readers about fake or misleading information while providing updates. Musk referred to a tweet from Community Notes, a feature in the X app.
As per the tweet, the Community Notes rolled out an update to improve image matching. The tool shows notes on 30% or more X posts that contain identical images. With this initiative, Elon Musk is certain it will make a huge difference in fighting against deepfakes (and shallowfakes). This development aligns with Musk’s ongoing commitment to leveraging technology for positive impact and enhancing digital security.
Crypto Investors Face DeFi Scam
Decentralized Finance (DeFi) platforms are prime targets for hackers, with nearly $100 billion in total value locked in Web3 protocols. All of the exploits identified by Immunefi in Q1 2024 targeted DeFi platforms, underscoring the importance of bolstering security measures across these decentralized systems.
Despite these high-profile incidents in the crypto industry, there is a silver lining. Immunefi reports that $73.9 million, or 22% of stolen funds from seven exploits, were successfully retrieved. This highlights the effectiveness of swift action and collaborative efforts within the cryptocurrency community to mitigate losses.
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