Hackers hijacked McDonald’s Instagram account to promote a fake Grimace memecoin, making off with $700K in Solana. Discover how this crypto scam unfolded.
In a shocking turn of events, hackers hijacked McDonald’s official Instagram account on August 21, using it to promote a fraudulent Grimace-themed memecoin. The scammers capitalized on the fast food giant’s global reach, ultimately swindling over $700,000 in Solana from unsuspecting investors. This incident highlights the growing intersection of cybercrime and cryptocurrency, raising concerns about security on social media platforms.
Key Points:
Hackers Target McDonald’s Instagram: On August 21, McDonald’s official Instagram account was compromised, with hackers promoting a fraudulent Grimace memecoin.
Massive Financial Gains: Using Solana, the hackers manipulated the memecoin's value, driving its market cap to $25 million within 30 minutes before dumping their holdings.
Sophisticated Scam: The hackers used blockchain tools like Bubblemaps and pump.fun to control the supply and distribution of the Grimace token across multiple wallets.
Public Bragging: After the heist, the hackers edited McDonald’s Instagram bio to boast about their $700,000 profit from the scam.
McDonald’s Response: The fast food chain quickly regained control of its account and issued an apology for the unauthorized content.
The McDonald’s Instagram hack is a stark reminder of the vulnerabilities inherent in the digital age, particularly as cybercriminals increasingly target high-profile brands to perpetrate cryptocurrency scams. As social media becomes more intertwined with financial markets, companies and users alike must prioritize security to prevent similar incidents.
Source: Cointelegraph
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