In recent times, crypto hackers have been sharpening their focus on popular brands and celebrities on social media platforms, attempting to lure unsuspecting victims into fraudulent schemes. One such incident occurred when McDonald’s Instagram account was hacked to promote a memecoin named ‘Grimace’. This breach shed light on the vulnerability of even the most well-known entities in the digital realm.
The attack on McDonald’s Instagram account, which boasts a substantial following of 5.1 million, involved hackers promoting a memecoin called ‘Grimace’. The hackers took over the account and modified the bio to falsely claim that they had stolen $700,000 (approximately Rs. 5.8 crore) through the scam. This alarming declaration created chaos among the brand’s followers, who were left in a state of uncertainty.
The Mechanics of the Hack
According to reports from blockchain analytics firm Bubblemaps, the hackers managed to acquire 75 percent of Grimace’s supply through a Solana memecoin deployer called pump.fun. The assailants strategically utilized multiple addresses to purchase Grimace on Pumpfun simultaneously and then distributed it across approximately 100 addresses. This orchestrated scheme culminated in the illicit sale of Grimace for $700,000, inflating the memecoin’s market cap to $25 million in just 30 minutes.
The Aftermath
Following the hack, screenshots of McDonald’s compromised Instagram account circulated online, showcasing the hackers’ misleading messages to account followers. The perpetrators falsely portrayed Grimace as McDonald’s venture on the Solana blockchain and made promises of following back Grimace memecoin holders on their accounts. However, the situation took a sinister turn as users realized they had been ‘rug pulled’ by the hacker named ‘India_X_kr3w’, who boldly acknowledged their illicit gains.
Fortunately, McDonald’s was able to regain control of its Instagram account post-hack and promptly removed all posts related to the Grimace memecoin. As a consequence of the breach, Grimace’s price plummeted to a fraction of its inflated value. This incident serves as a poignant reminder of the escalating trend of crypto scams, as highlighted by a report from Web3 bug bounty platform Immunefi, which disclosed a staggering 91 percent increase in crypto scams in the second quarter of 2024 compared to the same period in 2023.
The breach of McDonald’s Instagram account underscores the growing threat posed by crypto hackers targeting prominent brands and individuals on social media platforms. As the digital landscape continues to evolve, it is imperative for organizations and individuals to remain vigilant against such malicious activities. By staying informed and adopting robust security measures, one can mitigate the risks associated with engaging in the crypto space amidst a backdrop of heightened vulnerabilities.