Rapper 50 Cent, whose real name is Curtis James Jackson III, is facing accusations of involvement in a cryptocurrency scam that allegedly defrauded users of $300 million in just 30 minutes.
Hacked Account, Promoted Scam Coin?
50 Cent took to his Instagram account on Friday, June 21st, to vehemently deny any association with the scam. He claims his social media platform, including his website Thisis50.com, was hacked. The hackers then allegedly used his accounts to promote a cryptocurrency called GUNIT.
Rapid Rug Pull
According to reports, shortly after the promotion, the price of GUNIT skyrocketed, attracting new investors. However, in a classic "rug pull" maneuver, the scammers quickly withdrew all the liquidity from the project, leaving investors with worthless tokens.
50 Cent Fights Back
50 Cent maintains his innocence and insists he had no knowledge of the GUNIT promotion. He claims to have regained control of his accounts and is cooperating with the authorities to investigate the hacking incident.
Unanswered Questions
While 50 Cent denies involvement, some questions remain unanswered. The ease with which the hackers allegedly accessed his accounts raises concerns about his cybersecurity measures. Additionally, the swiftness of the scam suggests a level of planning that may be difficult to reconcile with a random hacking event.
Authorities Investigate
Law enforcement is likely to play a crucial role in determining the truth behind the allegations.  Authorities will need to investigate the hacking claims and trace the movement of funds associated with the GUNIT token.
A Cautionary Tale
This incident serves as a stark reminder of the dangers associated with investing in unregulated cryptocurrency projects, especially those promoted by celebrities. It's crucial to conduct thorough research before investing in any cryptocurrency and to be wary of sudden price surges or endorsements from unknown sources.
#GUNIT #50cent #Scamalert #Rugpull #writetoearn

How to detect a rug pull

There are several ways to detect a rug pull. Some of which will be mentioned here.

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Four ways to Detect #rugpull

▪When developers are making money

▪The project arose out of nowhere

▪Developers that choose to remain anonymous

▪Liquidity issues

◾️When developers are making money

Although this may not seem to be a fraud in a free market, it qualifies as such if the initiative was developed solely for this goal.

malevolent developer, as in the previous two frauds, builds a project with an exaggerated value proposition.

The project arose out of nowhere 👀

◾️Rug pulls seem to appear out of nowhere, while legitimate cryptocurrencies and DeFi initiatives take years to build.

These phony enterprises are often backed by a lot of hype, leveraging on currently prevalent cultural memes.

Developers that choose to remain anonymous

When the dev refuse to show his / her self

The project meant be #Rugpull

Founder meant be scared not to get catch 🤦🏽‍♂️

And fake his identity

they may have excellent legal reasons for doing so, and you should probably avoid that coin.

Liquidity issue

You can’t check the liquidity of DeFi projects, but you can always do it with a cryptocurrency. Low liquidity suggests that converting the token to cash is difficult, which might be due to the creator having a limited amount of funding to manufacture the token

In the dynamic world of cryptocurrency, investors must be aware of various risks. One of the biggest risks that often arises, especially in new projects, is the rug pull. This phenomenon has become increasingly common, especially with the emergence of meme tokens that have stolen the public's attention. However, what exactly is a rug pull and how can you avoid it?
What Is Rug Pull?
A rug pull is a scam where the developers of a cryptocurrency project suddenly pull all liquidity or funds from the project, leaving investors with worthless tokens. Typically, the developers will heavily promote the token or project to attract investors. Once liquidity reaches a significant amount, they then “rug pull” by draining funds from the liquidity pool or selling all their tokens, causing the token price to plummet.