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Hackers use McDonald’s Instagram to steal $700,000 in Solana

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Hackers use McDonald's Instagram to steal $700,000 in Solana

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In this post:

  • Hackers took over McDonald’s Instagram to promote a fake Solana meme coin, leading to $700,000 in stolen funds.
  • The meme coin, called “GRIMACE,” quickly surged to a $25 million market cap before crashing.

Hackers have pulled off another stunt, and this time, McDonald’s was the unlucky target. The fast-food giant’s official Instagram account was hijacked to promote a fake meme coin called “GRIMACE” on the Solana network.

Within 30 minutes, this bogus token skyrocketed in value, hitting $25 million before crashing just as fast. The damage? A cool $700,000 swiped from unsuspecting victims.

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The marketing director of McDonald’s, Guillaume Huin, wasn’t spared either. He posted about GRIMACE on X (formerly Twitter), seemingly playing along with the hack. 

Both his post and the one on Instagram vanished soon after, but the damage was already done.

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The scam was tightly orchestrated. The first big buyers quickly spread their tokens across several smaller wallets, all in the same block, at the same time.

This kind of activity might not pop up on Bubblemaps, but if people took the time to read the blockchain before jumping into anything, they’d perhaps be less likely to get scammed.

Hackers use McDonald's Instagram to steal $700,000 in Solana

The attacker used 24 wallets in addition to the developer’s wallet, all of which bought into the coin precisely at 14:40:27 UTC. They didn’t waste a single second, making sure no other buyers could get in early and grab their share. Interestingly, the developer’s wallet still holds its supply and hasn’t sold anything yet.

See also  Solana records fifth straight week of DEX volume decline

Meme coin scams have been tearing through the crypto market in 2024. They’ve become a playground for scammers looking to cash in on the hype. 

Just how bad is it? In one analysis of 1,000 tokens launched on the Base layer 2 network in a single week, 1 in 6 were outright scams.

Security vulnerabilities in these coins are off the charts, too. 91% of new meme coins on Base have at least one serious flaw that could lead to your money being snatched.

These vulnerabilities are often hidden in poorly coded smart contracts, making it easy for scammers to drain funds from anyone foolish enough to invest without doing their homework.

What’s fueling this? Hype. Plain and simple. Scammers are tapping into whatever’s trending, like the 2024 Olympics, to lure in victims. They’re throwing up fake initial coin offerings (ICOs) and using AI-generated images to make their websites look legit.

Hackers use McDonald's Instagram to steal $700,000 in Solana

What’s left in the wake of these scams? A lot of anger and a lot of lost money. And the scammers? They’re laughing all the way to the bank, or rather, the crypto exchange.

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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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