McDonald’s Hacker Dumped 75% Of GRIMACE After A 195,000% Rally

Hackers who took over McDonald's official Instagram account with 5.1 million followers yesterday scammed $700,000 in Solana by selling a rip-off meme coin

Hackers who briefly took over McDonald’s official Instagram account with 5.1 million followers yesterday scammed $700,000 in Solana by promoting a rip-off meme coin.

The hackers additionally gained entry to the non-public Twitter account of Senior Advertising and marketing Director Guillaume Huin to advertise the meme coin.

Screenshots shared on X reveal that McDonald’s Instagram account posted a sequence of promotions for the rip-off token, impressed by the chain’s purple mascot, Grimace.

McDonald’s Hacker Dumped 75% Of GRIMACE After A 195,000% Rally

Information from Bubblemaps revealed that the hacker used the Solana meme coin deployer Pump.enjoyable to scoop up 75% of the token’s circulating provide.

The tokens have been then divided between 100 completely different wallets.

hacker owned 75% of the provision

used a number of addresses to purchase on Pumpfun concurrently, then unfold into ~100 addresses

bought for $700k

thanks, @McDonalds ? https://t.co/Gt9yb3V3qp pic.twitter.com/ojLoiJamdy

— Bubblemaps (@bubblemaps) August 21, 2024

Following the social media posts on each McDonald’s and Huin’s accounts, the worth of the GRIMACE token skyrocketed 195,000% to take its market capitalization from a couple of thousand {dollars} to as excessive as $25 million inside simply half-hour.

This rally prompted the hackers to dump their holdings within the meme coin, inflicting its market cap to plummet to as little as $650,000 in 40 minutes.

Hacker Bragged About Gaining $700K

After the assault, the hacker went on to edit the bio part of McDonald’s Instagram web page to brag in regards to the exploit, having fun with a revenue of $700,000 from the assault.

McDonald’s has since regained management of the web page, and has eliminated all posts that promoted the meme coin.

In response to the incident, McDonald’s informed the New York Submit that it was conscious of an “remoted incident” that had affected its social media accounts on Aug. 21.

The corporate stated the difficulty has been resolved and apologized to its followers.

Associated Article: