McDonald's Instagram Hacked, $700K Stolen in Solana 'Grimace' Memecoin Scam

Hackers seized the popular social media account to promote a fraudulent memecoin named “Grimace,” inspired by McDonald's purple mascot.

Hackers managed to steal over $700,000 in Solana (SOL) after taking over the official Instagram page of McDonald’s and using it to promote a scam memecoin.

The attack saw McDonald’s Instagram account being compromised and used to shill a fake token called GRIMACE, named after McDonald’s purple mascot. Screenshots posted on X showed that the hackers were able to create multiple posts that spammed the public claiming that Grimace was an official project by McDonald’s on the Solana blockchain.

With 5.1 million followers on the McDonalds Instagram page, the scam was able to reach a large audience and resulted in many people investing in the GRIMACE token.

GRIMACE Token Price Surge Due to McDonald’s Instagram Hack

The promotion was effective and caused GRIMACE’s market capitalization to rise to $25 million within 30 minutes. The token price also rose to $0.025 for some time. However, the token’s developer, who possessed 75% of the tokens, later dumped the token through 100 different wallets.

This action, known as a rug pull, saw the developer make away with the investors’ money. The practice of fraudsters creating a token, hyping it up, and then scamming investors by pulling the rug and stealing their investment is not new in the crypto market.

Earlier this year, we reported on a massive crypto rug pull scam on the Binance Smart Chain (BSC) that saw scammers launch 276 tokens and rug pull investors to the tune of nearly $1.7 million.

After the scam, the hacker also modified the Instagram bio, adding the amount he stole, which was denoted by the bio changing to India_X_Kr3w with an Indian flag emoji. The bio was later deleted, along with any content related to the scam.

Following the incident, McDonald’s has acknowledged the security breach and apologized to the community. The company stated that it has taken the necessary measures to ensure that such an incident does not occur again.

Interestingly, the marketing director of McDonalds France, Guillaume Huin, was also a victim of the hack.

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