McDonald’s Instagram Account Hacked: Scammers Rake in $700,000 with Fake Memecoin

On August 21, scammers pulled off a high-profile heist by hacking McDonald’s official Instagram page. The culprits exploited the fast-food giant’s social media presence to promote and execute a rug pull involving a fake cryptocurrency called “Grimace,” ultimately netting over $700,000 in Solana.

The Scheme: Promoting a Sham Token

The scam began with a series of misleading posts on McDonald’s Instagram account, which boasts 5.1 million followers. These posts advertised a memecoin named “Grimace,” supposedly part of a “McDonald’s experiment on Solana.” The fraudulent token was tied to McDonald’s purple mascot, Grimace, creating a false sense of legitimacy and excitement.

According to blockchain analytics firm Bubblemaps, the hacker initially acquired 75% of the Grimace token’s total circulating supply using the Solana memecoin deployer pump.fun. This large purchase was then dispersed across approximately 100 different wallets to evade detection.

As the fake token was aggressively promoted, its market capitalization soared from just a few thousand dollars to an astounding $25 million in under 30 minutes, as reported by DexScreener. However, the value quickly crashed once the hacker began selling off their holdings. Within 40 minutes, the Grimace token’s value plummeted to around $650,000, leaving the scammers with a substantial profit of approximately $700,000 in Solana.

The Aftermath: Hacking Revelations and McDonald’s Response

In the aftermath of the attack, the hacker updated the McDonald’s Instagram bio with a boastful message about their exploits and the $700,000 they had earned. The offensive content and promotional posts were quickly removed, and the account was restored to its normal state.

McDonald’s responded to the incident by acknowledging the breach. In a statement to the New York Post, the company described it as an “isolated incident” and assured fans that the issue had been resolved. “We apologize to our fans for any offensive language posted during that time,” McDonald’s added.

This incident highlights the vulnerabilities that even high-profile brands can face in the digital age. It serves as a stark reminder of the importance of securing social media accounts and remaining vigilant against such fraudulent schemes.