On August 21, hackers compromised McDonald’s official Instagram page, netting over $700,000 in Solana after promoting and then rug-pulling a fraudulent memecoin called Grimace.
The hackers used McDonald’s Instagram, which has 5.1 million followers, to post about a fake token supposedly tied to the brand’s mascot, Grimace. They claimed it was part of a McDonald’s experiment on Solana”.
Screenshot of the McDonald’s Instagram promoting Grimace token
Blockchain analytics from Bubblemaps revealed that the scammers initially acquired 75% of the Grimace token’s total supply through the Solana memecoin deployer, pump.fun. They then distributed the tokens across approximately 100 different wallets.
Following these posts, the token’s market capitalization surged from just a few thousand dollars to $25 million within 30 minutes, according to data from DexScreener. However, the value quickly plummeted as the hackers offloaded their tokens, bringing the market cap down to as low as $650,000 within 40 minutes.
Bubblemaps reported that the hackers walked away with around $700,000 in Solana. They even edited the McDonald’s Instagram bio to boast about their actions, stating, “Sorry mah n-gga you have just been rug pulled by India_X_Kr3w thank you for the $700,000 in Solana.”
Read more: YieldNest Unveils Liquid Restaking Token
The fraudulent posts and bio updates have since been removed. In a statement to the New York Post, McDonald’s acknowledged the incident, describing it as an “isolated incident” affecting their social media accounts. The company assured that the issue had been resolved and apologized for any offensive content posted during the breach.
Cre: cointelegraph.
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
