Hackers breached McDonald’s Instagram account to execute a $700k rug pull scheme. The fast-food giant’s profile promoted a scam memecoin on Solana called GRIMACE, which quickly reached a $25 million market cap before plummeting by over 95%. The scammers, known as “India_X_Kr3w,” managed to swindle around $700,000 from investors who believed the memecoin was endorsed by McDonald’s. Despite the rug pull, the token amassed $20 million in trading volume within two hours. The incident highlights the ongoing memecoin frenzy on Solana, with Pump.fun being a major contributor. Pump.fun’s fee reduction and rewards for successful token launches on Raydium have fueled intense memecoin creation, although most tokens fail to complete the bonding curve. Solana’s dominance in DEX trading volume in July, surpassing Ethereum by $3 billion, underscores the platform’s growing popularity in the crypto space. Read more AI-generated news on: https://app.chaingpt.org/news