In a recent incident, McDonald’s official Instagram account was reportedly hacked by some unknown bad actors, leading to the false announcement of a Meme crypto token called “GRIMACE” on the Solana blockchain.
Following the Instagram post regarding that meme token, the market value of the token surged to $25 million within 30 minutes before plummeting, raising concerns about the increasing frequency of social media hacks used to exploit investors.
It is worth it to note that McDonald’s marketing director, also posted about the Meme coin on X (formerly Twitter).
The market value of #GRIMACE token rose to $25 million within 30m and then fell rapidly. Shockingly the marketing director of #McDonald's, also posted information about the Meme coin GRIMACE on X. But Both posts have been deleted. pic.twitter.com/PipPpFPWOG
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Both posts were deleted shortly after being published, adding to suspicions that the social media accounts had been compromised by scammers.
According to an on chain data record, scammers who hacked the official McDonald’s Instagram page made off with over $700,000 in Solana.
Crypto scammers target influential social media accounts
This incident underscores the escalating threat of cybercriminals targeting high-profile social media accounts to launch fraudulent schemes. These scams aim to manipulate market sentiment and steal funds from unsuspecting investors. The speed at which the token’s value surged and then collapsed reveals the volatile and speculative nature of such scams, leaving investors vulnerable to substantial financial losses.
The use of hacked accounts to promote fraudulent tokens is not only unethical but also illegal. It highlights a growing trend where cybercriminals exploit the trust and reach of well-known brands to execute pump-and-dump schemes, where a token’s price is artificially inflated and then sold off at a profit, leaving other investors with significant losses. The anonymity of the blockchain makes it difficult to track and hold perpetrators accountable, further complicating efforts to prevent such scams.
Read also: Second Solana Spot ETF Product Secures Regulatory Approval in Brazil
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