Grimace

Solana

Coin

McDonald’s Instagram page was reportedly hacked on August 21, leading to a significant scam involving a Solana-based meme coin.
The perpetrators exploited the fast-food chain’s social media account to promote a fraudulent token named “Grimace,” referencing one of McDonald’s fictional characters featured in its advertisements.
Bubblemaps’ <a href="https://x.com/bubblemaps/status/1826317923717099549?" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">findings</a> reveal that the hacker acquired 75% of the Grimace token’s total supply using the Solana meme coin deployer pump.fun. The attacker leveraged multiple addresses to purchase the token simultaneously and then distributed the accumulated supply across approximately 100 different wallets.
The hackers reportedly siphoned over $700,000 in Solana during the scheme. Screenshots from X <a href="https://x.com/timo_bult/status/1826284191115530600" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">revealed</a> that the McDonald’s Instagram page was altered to endorse the token as a “McDonald’s experiment on Solana” and included a message thanking followers for their contributions, <a href="https://x.com/Satoshigrandson/status/1826366185124040791" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">hinting</a> at the scam’s execution.
In a <a href="https://nypost.com/2024/08/21/business/mcdonalds-instagram-page-hacked-in-700k-fake-crypto-scheme/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">statement</a> to the New York Post, McDonald’s said that it was aware of an “isolated incident” affecting its social media accounts.
<blockquote>
 “We have resolved the issue on those accounts and apologize to our fans for any offensive language posted during that time.”
</blockquote>
This event serves as a reminder for investors to be cautious with newly launched meme coins, as many of these highly volatile assets are susceptible to scams. For the Solana ecosystem, pump.fun has emerged as a prominent site for meme coin creation.
Introduced on January 14, 2024, pump.fun saw its popularity surge in March, coinciding with the peak of the meme coin season.
K33’s <a href="https://k33.com/research/articles/pump-fun-memecoin-madness" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">report</a> reveals that the platform is approaching $100 million in total revenue. Since the start of the year, users on pump.fun have launched 1,829,747 meme coins, a number that many argue reflects the lack of seriousness in the Solana DeFi space.
The post <a href="https://cryptopotato.com/mcdonalds-instagram-hacked-to-promote-solana-based-scam-meme-coin-grimace/" rel="noopener noreferrer nofollow">McDonald’s Instagram Hacked to Promote Solana-Based Scam Meme Coin ‘Grimace’</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

McDonald’s Instagram Hacked to Promote Solana-Based Scam Meme Coin ‘Grimace’

CryptoPotato_News

Other articles published on Aug 22, 2024

MAJOR Bitcoin News: Bitcoin Price SURGE Expected At This Level

Babylon Debuts First Phase of Self-Custodial Mainnet

Dogecoin Creator Breaks Silence on Fake McDonald's Meme Coin Scam

What is the New Ethereum Layer-2 Network Corn?

Bitcoin Soars as BNB, DOGE Trade in Green; MCAP Hits $2.26T

Trump Endorses Bitcoin! Is This the End of Traditional Banking?

Join our free newsletter for daily crypto updates!