On August 21, cybercriminals hacked McDonald’s official Instagram account to tug off a rip-off that netted them over $700,000 in Solana (SOL).
The hackers promoted a pretend memecoin named after the restaurant’s purple mascot, Grimace.
Screenshots shared on social media present that they revealed a number of posts in regards to the token, falsely presenting it as a “McDonald’s experiment on Solana” to the account’s 5.1 million followers.
Do you know?
Wish to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer movies each week!
Blockchain analytics service Bubblemaps reported that the hackers acquired 75% of the Grimace token’s whole provide by Solana’s memecoin market, pump.enjoyable. They unfold these tokens throughout roughly 100 completely different wallets.
After the promotion, the market capitalization of the Grimace memecoin soared to $25 million in simply half-hour. Nevertheless, it dropped to round $650,000 because the hackers dumped their holdings.
Bubblemaps confirmed that the hackers profited considerably from the rip-off. They even modified McDonald’s Instagram bio to brag about their success, writing, “You simply have been rug pulled <…>, thanks for the $700,000 in Solana.”
All fraudulent posts and the edited bio have since been eliminated, as McDonald’s has regained management of its Instagram account. The corporate described the breach as an “remoted incident”, assured that the difficulty has been resolved, and apologized to its followers for any offensive content material posted through the hack.
This incident highlights the rising dangers of social media platforms being exploited for crypto scams, serving as a reminder of the should be cautious.
Equally, in July, the X accounts Doja Cat, Sydney Sweeney, 50 Cent, and Hulk Hogan had been hacked to advertise memecoins named after them.
Gode is a Web3 Market Analyst who researches crucial business occasions and interprets how they have an effect on the broader Web3 area. Her formal schooling in media tradition & digital rhetoric permits her to make use of a methodical strategy to evaluating crucial Web3 information knowledge, together with large-scale occasions and the broader social sentiment throughout the ecosystem.Gode is a mutilingual skilled, having studied in a number of universities all throughout Europe. This permits her to have a one-of-a-kind alternative to research Web3 social sentiments spanning completely different cultures and languages and, in flip, develop a a lot deeper understanding of how the Web3 area is rising inside completely different communities. With the remainder of her staff, Gode works to determine essential crypto information patterns and supply unbiased and data-driven data.Gode’s passions embody working and speaking with individuals, and when she’s not researching Web3 information, she spends her time touring and watching true crime documentaries.
