Hackers reportedly stole $700K in Solana After Compromising McDonald's Instagram Page

McDonald’s Instagram page was reportedly hacked on August 21, leading to a significant scam involving a Solana-based meme coin.

McDonald's Instagram page was reportedly hacked on August 21, leading to a massive scam involving a Solana-based meme coin.

The perpetrators used the fast-food chain's social media account to hype up a fraudulent token called "Grimace," named after one of McDonald's fictional characters featured in their advertisements.

According to Bubblemaps, the hacker obtained 75% of the Grimace token's total supply using Solana meme coin deployer pump.fun. The attacker used multiple addresses to buy the token simultaneously, and then moved the acquired supply to about 100 different wallets.

The hackers reportedly siphoned over $700,000 in Solana during the scheme. Screenshots from X show that the McDonald's Instagram page was briefly altered to endorse the token as a “McDonald's experiment on Solana,” and included a message thanking followers for their contributions, alluding to the scam's execution.

In a statement to the New York Post, McDonald's said that they are aware of an “isolated incident” that affected their social media accounts.

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

This incident serves as a cautionary tale for investors to be wary of newly launched meme coins, as many of these highly volatile assets are prone to scams. In the Solana ecosystem, pump.fun has become a prominent platform for meme coin creation.

Launched on January 14, 2024, pump.fun gained significant traction in March, coinciding with the peak of the meme coin mania.

According to K33, the platform is approaching $100 million in total revenue. Since the beginning of the year, users on pump.fun have launched a mind-boggling 1,829,747 meme coins, a figure that some might argue reflects the unserious nature of the Solana DeFi space.

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