50 Cent Fans Lost $300 Million After Believing Meme Token Ads

On June 21, attackers hacked 50 Cent’s account on the social network X, banned in Russia, and published messages on his behalf about the meme-based cryptocurrency Real Nigga 50 (GUNIT), released on the Solana (SOL) network. After this, the rate of the digital asset increased tenfold in a matter of minutes, but then just as quickly collapsed by 99%. As a result, the coin almost completely depreciated, and investors were left with nothing.

Now the capitalization level of GUNIT is $120,000. Considering the difference between the current and maximum price of the asset, the peak value of all issued tokens combined reached approximately $9 million. Moreover, the total trading volume of coins is estimated at only $19.4 million. For this reason, it seems that that the rapper added at least two extra zeros to the scammers’ income.

According to data published on the Dex Screener portal, shortly after the advertisement of the tokens was made public, the owners of several crypto wallets in which large amounts of GUNIT were stored sold coins for a total amount of $1.5 million. It is likely that this was the scammers’ catch.