Security Breached! McDonald's Memecoin Hack on Solana
Cyber Thieves Steal Around $700,000 in Solana In an unexpected twist, on August 21, scammers hacked McDonald's official Instagram account, using the fast food giant's platform to sell a fake memecoin based on the Grimace mascot. The hackers managed to raise over $700,000 in Solana before the scam was discovered.
💀 The Grimace Memecoin Scam 👾
Taking advantage of McDonald's Instagram page, with 5.1 million followers, the hackers promoted the fake Grimace token as a "McDonald's experiment on Solana." This tactic quickly caught the attention of the crypto community, causing the token's market cap to jump from a few thousand dollars to $25 million in just 30 minutes.
📊 Pump & Dump
The crooks (malandros) had already secured 75% of the Grimace token supply using the Solana memecoin implementer pump.fun. They then distributed these tokens across 100 different wallets. As the token's value increased, the hackers began selling their holdings, causing the token's price to drop to $650,000 in just 40 minutes.
💸 The Payout
In total, the crooks (malandros) made off with around $700,000 worth of Solana from this pump and dump scheme. They even edited McDonald's Instagram bio to boast about their success, writing: "Sorry India_X_Kr3w just scammed you, thanks for the $700,000 worth of Solana."
⚠️ Aftermath
The posts and bio were eventually restored, and McDonald's issued a statement acknowledging the hack as an "isolated incident." This incident is a reminder of the dangers in the cryptocurrency world, where even well-known brands can be used to facilitate scams.
This was really crazy, that they managed to hack such a famous account and the amount of money and people affected is surprising, that's why I always recommend in my content to do DYOR before anything else and not enter into operations that generate distrust!
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