Key Takeaways:
- Hackers took control of McDonald’s Instagram account to promote a fake “Grimace” memecoin, stealing over $700,000 in Solana.
- The fraudulent Grimace token’s market cap soared to $25 million within 30 minutes, only to crash to $650,000 as the hackers sold off their holdings.
- McDonald’s has apologized for the breach and restored control of their Instagram account.
On August 21, hackers took control of McDonald’s official Instagram account, using it to promote a fake memecoin named “Grimace,” based on the fast-food chain’s mascot.
The scam led to over $700,000 in Solana being stolen as the hackers pushed the fraudulent token to McDonald’s 5.1 million followers.
McDonald’s Instagram account was hacked to post a crypto scam, allegedly getting away with $700,000 pic.twitter.com/VcqzGo40uI
— Dexerto (@Dexerto) August 21, 2024
The Grimace token’s market cap surged to $25 million within 30 minutes after the posts, but it quickly crashed to $650,000 as the hackers sold off their holdings.
🚨 McDonald's Instagram Hacked for $700K in $SOL 🚨
— Next 100X GEMS (@Next100XGEMS) August 21, 2024
– McDonald's #Instagram account was compromised to promote a Solana-based token.
– The token was part of a classic pump-and-dump scheme.
– Hackers made off with an estimated $700,000 in #SOL
– The Instagram bio now mockingly… pic.twitter.com/NiZypfZulo
McDonald’s acknowledged the breach, apologizing for the offensive content, and has since restored its account.
About The Author
Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
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