Cyberattack leads to $700,000 loss as hackers push fake Grimace-themed Solana meme coin, highlighting social media vulnerabilities.
In a recent cyberattack, hackers took over McDonald's Instagram and a senior employee's Twitter account to promote a fake Grimace-themed Solana meme coin. The scam led to a loss of $700,000 for unsuspecting followers. This incident highlights the growing issue of social media account breaches being used to promote scam cryptocurrencies.
The hackers, who identified themselves as the 'India X Kr3w,' managed to gain control of McDonald's Instagram account and a senior employee's Twitter. They used these platforms to promote a fake cryptocurrency called the GRIMACE token. The token, themed around the popular McDonald's character Grimace, saw a surge of 195,000% in its value before collapsing due to a 'rug pull.'
A 'rug pull' is a type of scam in the cryptocurrency world where the creators of a new token suddenly withdraw all their funds, causing the token's value to plummet. In this case, the hackers owned 75% of the GRIMACE token's supply. They spread the tokens across 100 digital addresses and sold them off quickly, making a profit of $700,000.
In less than two hours, the GRIMACE token accumulated over $20 million in trading volume before McDonald's regained control of their accounts and deleted the scam posts. McDonald's has since acknowledged the incident and apologized for any offensive content posted during the hack.
This incident serves as a stark reminder of the vulnerabilities in social media platforms and the need for stronger security measures. Users should be cautious about investing in new cryptocurrencies promoted through social media, especially when the promotions come from hacked accounts. Always verify the authenticity of the information and consider the risks involved before making any financial decisions.
