McDonald's Instagram Hacked, Hackers Promote Solana-Based Meme Coin Grimace, Make US$700K

JAKARTA - McDonald's official Instagram account was reportedly hacked on August 21. Hackers took advantage of this fast food giant's social media platform

Indonesia's official McDonald's was hacked on August 21. Hackers took advantage of the fast food giant's social media platform to promote a Solana-based meme coin called Grimace. This incident led to a massive act of fraud in the crypto world, where the perpetrator managed to reap profits of up to around 700,000 US Dollars (around Rp. 10 billion).

Based on information from Crypto Potato, the hack began with changing the appearance of the McDonald's Instagram account which was then used to market Grimace tokens. The name of this token is taken from one of McDonald's famous fictional characters. From Bubblemaps' findings, it is known that the perpetrator controls around 75% of the total supply of Grimace tokens through the Solana meme coin developer platform, pump.funct. They then distribute the tokens to around 100 different digital wallets.

During this fraudulent activity, McDonald's Instagram account was changed to promote the token as a McDonald's experiment on Solana. The message conveyed via the account appears to thank its followers, reinforcing the impression that this is an official project.

ALSO READ:

In response to this incident, McDonald's said in a statement to the New York Post that it had resolved the problem and apologized to its fans for the inappropriate content that was uploaded.

This case is a reminder for investors to be careful with newly launched meme coins, considering that many volatile assets are vulnerable to fraud. In the Solana ecosystem, pump.fun has emerged as one of the leading platforms for meme coin creation. Since its launch on January 14, 2024, pump.fun's popularity increased sharply in March, coinciding with peak meme coin season.

Reports from K33 state that the platform is approaching total revenue of around 100 million US Dollars (around IDR 1.5 trillion), with more than 1.8 million meme coins having been launched since the start of the year. Many believe this number reflects a lack of seriousness in the Solana DeFi space, with more and more meme coins being created without a strong foundation.

This incident not only illustrates the real threats that big brands face in the digital era, but also highlights the high risks that exist in the crypto market, especially those related to unverified assets.

English, Chinese, Japanese, Arabic and French versions are automatically generated by Artificial Intelligence. Therefore there may still be inaccuracies in the translation, please always refer to the Indonesian version as the main language. (technology provided by DigitalSiber.id)

Tag:

The above is the detailed content of McDonald's Instagram Hacked, Hackers Promote Solana-Based Meme Coin Grimace, Make US$700K. For more information, please follow other related articles on the PHP Chinese website!