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McDonald’s Instagram Hacked by Crypto Scammers, $700K Stolen in Fraudulent Scheme
In a recent cyberattack on August 21, 2024, hackers took over McDonald’s official Instagram account, leveraging its vast following to promote a fraudulent cryptocurrency scheme that netted the perpetrators over $700,000. The attackers used the platform to advertise a fake memecoin named “Grimace,” after the fast-food chain’s iconic purple mascot, falsely presenting it as an official McDonald’s project.
The hackers employed a classic “rug pull” strategy. They first acquired a significant portion of the Grimace token’s supply through a memecoin launcher on Solana, then distributed these tokens across numerous wallets to mask their involvement. The scam gained traction quickly, with the Grimace token’s market capitalization briefly soaring to $25 million before the hackers sold off their holdings, causing the token’s value to plummet. This left investors with worthless tokens and resulted in significant financial losses.
McDonald’s has since regained control of its Instagram account and removed all fraudulent posts. The company issued a statement acknowledging the incident and apologizing for any distress caused by the unauthorized content.
This incident highlights the ongoing risks associated with social media and cryptocurrency, particularly as cybercriminals continue to exploit popular platforms to execute scams targeting unsuspecting users(