In a digital age where even the most trusted brands can fall victim to hacking, McDonald's recently found itself at the center of a meme coin scam.
Discover the details of this incident and why it's essential to stay vigilant, even when engaging with official social media accounts.
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Hackers Exploit McDonald's Instagram to Promote Meme Coin
On August 22, 2024, multiple international media outlets reported that the Instagram account of McDonald's USA had been hacked, leading to the promotion of the meme coin "GRIMACE."
The hacking incident occurred on the morning of August 21, 2024. The hackers used McDonald's Instagram account to promote a meme coin themed around Grimace, a character introduced as a mascot by McDonald's in the 1970s.
Following the hack, the promoted meme coin temporarily surged in market value, reaching over $20 million. However, a massive sell-off ensued, and by August 23, 2024, the market capitalization had plummeted to approximately $340,000.
Fraudulent Profile Update and Financial Manipulation
The Instagram profile page was also altered to reference the fraudulent activity, with a message thanking "Solana for profits exceeding $700,000." This message was reportedly added by the perpetrators.
The meme coin associated with Grimace was created using Pump.fun, a Solana-based platform that facilitates the easy creation of meme coins.
According to blockchain analytics firm Bubblemaps, the hackers acquired 70% of the meme coin's supply before promoting it via Instagram. They then dispersed the purchased coins across 100 different wallets and sold them off in the artificially inflated market.
McDonald's Response and Industry-Wide Caution
The fraudulent posts and profile alterations have since been removed, and McDonald's social media accounts have returned to normal.
In a statement to the New York Post, McDonald's commented, "The issue has been resolved, and we apologize to our fans who were inconvenienced during this time."
This incident is not an isolated case. In June 2024, the Instagram account of renowned rapper 50 Cent was hacked to promote a meme coin called GUNIT.
Similar to the McDonald's incident, the value of the meme coin skyrocketed initially before experiencing a sharp decline.
As these types of scams continue to emerge, it is crucial to exercise caution even when seeing promotions from official corporate accounts. Potential investors should be wary and conduct thorough research before committing any funds.
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