Hackers Deface McDonald's Instagram Account to Promote GRIMACE Cryptocurrency Scam

McDonald's had its official Instagram account infiltrated and defaced by hackers to promote the GRIMACE cryptocurrency scam

Hackers briefly defaced McDonald's official Instagram account on Monday to promote a cryptocurrency scam.

The threat actors took over the account and modified its bio to include a reference to the "rug pull" crypto scam, the acquisition of $700,000 in Solana cryptocurrency, and the flag of India. They also posted several stories with the caption "a McDonald's experiment on Soluna" and a cryptocurrency address.

The scam involved tokens created via the "Pump.fun" service, which enables the creation of meme coins on the Solana blockchain, according to SiliconAngle.

The scheme quickly catapulted GRIMACE tokens to a market cap of $20 million; however, once exposure of the scam became widespread, the tokens dropped to a market cap of less than $1 million.

The incident highlights the importance of greater cybersecurity tool and training investments among organizations, according to EC-Council Senior Vice President Steve Graham.

"In today's digital landscape, where social media platforms serve as a primary channel for brand engagement and customer interaction, the stakes are high for businesses to maintain a strong online presence and protect their valuable assets," Graham said. "This incident serves as a stark reminder of the critical need for organizations to prioritize cybersecurity measures and employee training to mitigate the risks posed by evolving cyber threats."

"Businesses must equip their employees with the know-how to spot and avoid scams to prevent the financial and reputational loss often associated with these types of incidents," he added.

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