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Hackers attacked McDonald's Instagram account to promote the GRIMACE cryptocurrency fraud, which featured tokens issued using "Pump.fun" for meme coin generation on the Solana blockchain, according to SiliconAngle.
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Threat actors posted "a McDonald's experiment on Soluna" and a cryptocurrency address in addition to changing the account's profile to include a rug pull allusion, $700,000 in Solana cryptocurrency, and the Indian flag. Due to the hoax, GRIMACE coins' market value rose to $20 million, but it dropped to around $1 million after disclosure.
EC-Council Senior Vice President Steve Graham said McDonald's Instagram account intrusion highlighted the need for corporations to spend more in cybersecurity tools and training. "Businesses must equip their employees with the know how to spot and avoid scams to prevent the financial and reputational loss often associated with these types of incidents," he said.