In a striking cyber heist, hackers have taken control of McDonald’s Instagram account to promote a fake Solana-based meme coin called “GRIMACE.” Within a mere 30 minutes of the account takeover, the fraudulent token experienced an explosive surge in value, reaching a $25 million market cap before rapidly collapsing. This scheme led to an estimated $700,000 being stolen from unsuspecting investors who were deceived by the apparent legitimacy of the promotion.
The attack was so convincing that McDonald’s marketing director, Guillaume Huin, inadvertently contributed to the scam by sharing information about the token on X (formerly Twitter). Both his post and the original Instagram message were quickly removed, but not before the damage was done. The hackers employed a sophisticated approach, using multiple wallets to execute transactions simultaneously and prevent early buyers from capitalizing on the opportunity.
The GRIMACE scam is part of a troubling trend in the cryptocurrency market, where meme coin scams have proliferated throughout 2024. Scammers are capitalizing on the hype surrounding new and trending tokens, often using social media and high-profile brands to lend credibility to their schemes. This incident underscores the increasing use of brand hijacking and social media manipulation in crypto fraud.
As the cryptocurrency market continues to attract both legitimate and malicious actors, it is crucial for investors to exercise caution. Verifying the legitimacy of investment opportunities, scrutinizing the source of information, and being wary of high-pressure promotions can help mitigate the risks posed by such sophisticated scams. The McDonald’s Instagram hack serves as a stark reminder of the need for vigilance in the digital age.
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