In a shocking turn of events, hackers took control of McDonald’s official Instagram account on August 21, using the platform to promote a fraudulent cryptocurrency themed around the fast-food giant’s beloved purple mascot, Grimace.
The hackers posted a series of messages on the account, introducing a bogus “Grimace” coin and claiming it was part of a McDonald’s experiment on the Solana blockchain. With the account’s 5.1 million followers as their audience, the scammers quickly gained attention, driving up the value of the fake coin.
What happened next was a classic “rug pull” scam. The hackers had secretly acquired 75% of the Grimace coin supply, distributing it across around 100 different wallets to avoid suspicion. As excitement around the fake token grew, its market value skyrocketed from just a few thousand dollars to an astonishing $25 million within half an hour. But the thrill didn’t last long. The hackers swiftly sold off their massive holdings, causing the coin’s value to plummet, and leaving investors with worthless tokens. In the end, the scammers walked away with roughly $700,000 in Solana.
Adding insult to injury, the hackers updated McDonald’s Instagram bio to flaunt their success, leaving a taunting message that boasted about the $700,000 they had just swindled. “Sorry mah n-gga, you have just been rug pulled by India_X_Kr3w. Thank you for the $700,000 in Solana,” the message read, further angering those who had been duped.
The fraudulent posts and the hacker’s bragging bio have since been removed as McDonald’s regained control of the account. The company quickly addressed the situation, assuring customers and followers that the issue was an “isolated incident” and that they had taken steps to secure their social media accounts. “We apologize to our fans for any offensive language posted during this time and have resolved the issue on those accounts,” McDonald’s stated.
This incident serves as a stark reminder of the growing risks in the digital world, where even the most trusted brands can become targets for cybercriminals. As for the unfortunate investors who were caught up in the scam, the rapid rise and fall of the Grimace coin is a harsh lesson in the dangers of jumping on the latest internet trends without careful consideration.
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Source: https://cointelegraph.com/news/mcdonalds-instagram-hacked-shill-solana-memecoin
