McDonald’s Instagram hacked to promote a scam coin ‘grimace’ based on Solana

McDonald’s page on Instagram was reportedly compromised by hackers on August 21, resulting in a scam using a Solana-based coin meme.

They used the social media accounts of the fast food chain to spread a fake token called “Grimace,” McDonald’s advertising character.

Bubblemaps’ findings The hacker obtained 75% of Grimace’s token supply by using Solana meme coin deploier pump. The hacker purchased the Grimace tokens simultaneously using multiple addresses and then spread the total supply to approximately 100 different wallets.

The hacker allegedly siphoned off over $700,000. Solana in the scheme. Screenshots of X revealed The McDonald’s Instagram was changed to promote the McDonald’s token. “McDonald’s experiment on Solana” Included a thank you message to followers. hinting The scam is executed.

The aforementioned is a statement McDonald’s confirmed to The New York Post it knew of the incident. “isolated incident” Its social media accounts are affected.

“We have resolved the issue on those accounts and apologize to our fans for any offensive language posted during that time.”

The event is a warning to investors that many newly-launched meme coins are vulnerable to scams. Pump.fun is a popular site to create meme coins in the Solana eco-system.

Inaugurated on 14 January 2024 and gaining popularity during the month of March in conjunction with the height of meme coin season.

K33’s report The platform’s total revenue is close to $100 million. Users on Pump.fun launched 1,829-747 memes since the start of 2018. This is a figure that some say reflects a lack of professionalism in the Solana-DeFi industry.