The official Instagram page of fast food giant McDonald's has been compromised by hackers in order to promote a fake Solana-based token.
The hacked account announced a cryptocurrency called "GRIMACE."
After the market cap of the fraudulent token shot up to $30 million in virtually no time. However, it crashed rapidly after the cryptocurrency turned out to be a scam.
Notably, Guillaume Huin, the market director of the fast food giant, also had his account compromised to advertise "a McDonald's experiment" on Solana.
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The bogus social media posts have been deleted. However, the rugpull resulted in the hacker allegedly pocketing as much as $700,000 worth of SOL tokens.
According to data provided by Pump.fun, the token's market cap currently stands at just $1 million after a precipitous crash.
"Grimacecoin” makes a comeback
Grimace is a large rotund purple monster that was first introduced in the early 70s. After being initially portrayed as an evil character, Grimace later became rather amiable. He is supposed to be an anthropomorphic taste bud. Last year, McDonald's introduced a berry-flavored milkshake called "Grimace Shake" that ended up becoming viral.
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As reported by U.Today, McDonald's made headlines after suggesting that Tesla should accept "Grimacecoin," a non-existent cryptocurrency, after the cenbillionaire asked the fast food chain to add support for his beloved Dogecoin.
The innocuous joke also led to the launch of a Grimace token on Binance Smart Chain (BSC), which posted massive gains in no time before inevitably crashing down.
