🍔 MCDONALD's Memecoin hack - Scammers Make Off with $700K in Solana
In a shocking turn of events, scammers hacked McDonald’s official Insta account on August 21, exploiting the fast food giant's platform to shill a fake memecoin based on the iconic Grimace mascot. The hackers managed to rake in over $700,000 in Solana before the scam was uncovered.
🔗 The Grimace Memecoin Scam
Using McDonald’s Insta page, which boasts 5.1 million followers, the hackers promoted the fake Grimace token as a “McDonald’s experiment on Solana.” This ruse quickly caught the attention of the crypto community, driving the token’s market cap from just a few thousand dollars to a staggering $25 million within 30 minutes.
🪙 The Pump and Dump
The scammers had already secured 75% of the Grimace token's supply using Solana memecoin deployer pump.fun. They then distributed these tokens across 100 different wallets. As the token’s value surged, the hackers began dumping their holdings, causing the token's price to nosedive to $650,000 in just 40 minutes.
💰 The Payout
In total, the hackers made off with around $700,000 in Solana from this pump-and-dump scheme. They even edited the bio of McDonald’s insta to boast about their success, writing, “Sorry mah n-gga you have just been rug pulled by India_X_Kr3w thank you for the $700,000 in Solana.”
🛑 Aftermath
The posts and bio were eventually restored, and McDonald’s issued a statement acknowledging the hack as an “isolated incident.” The company apologized for any offensive content that was posted during the breach and assured that the issue had been resolved.
This incident serves as a stark reminder of the dangers lurking in the world of crypto, where even well-known brands can be hijacked to facilitate scams.
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