McDonald’s Instagram Hacked: Hackers took control to promote GRIMACE token.
GRIMACE Token Surge: Token’s market cap briefly hit $25M before crashing.
Profit for Hackers: Hackers made off with $700,000 from the scam.
Security Concerns: Incident highlights growing issues with social media account security.
The Hack That Shook Fast Food and Crypto
In an audacious move that blurred the lines between fast food and cryptocurrency, McDonald’s Instagram account was hijacked early this morning. The hackers didn’t aim for a simple prank; instead, they leveraged the platform to promote a new meme coin named GRIMACE, based on the Solana blockchain.
GRIMACE Token
Within minutes of the hack, the GRIMACE token’s market cap soared to $25 million, showcasing the power of social media in influencing crypto markets.
The token’s price peaked at $0.01137, only to plummet as the hackers began selling off their holdings, leading to a market cap crash to around $1 million.
The perpetrators didn’t shy away from their actions. In a move that’s becoming all too common in the crypto space, they openly admitted to the hack, thanking their “investors” for the $700,000 they made from the scam.
Broader Implications
This hack is just one in a series of incidents where social media accounts of celebrities and corporations are compromised to promote crypto schemes. It raises serious questions about the security protocols of these platforms.
The crypto world, while promising, has become a fertile ground for scams. The GRIMACE token’s rise and fall exemplify the volatility and risk associated with meme coins, which often lack fundamental value.
Insights from the Crypto Community
JUST IN: McDonald's official Instagram was reportedly hacked, promoting the GRIMACE token on Solana. It briefly hit $25M market cap before crashing. pic.twitter.com/2h2WGZCXm3
— Breaking Whale (@BreakingWhale) August 22, 2024
The post McDonald’s Instagram Hack and the Rise of GRIMACE Token appeared first on Cryptopress.
