On August 21, hackers breached McDonald's Instagram account to promote the GRIMACE meme coin on the Solana blockchain. This event attracted early investors and resulted in financial losses.
Hackers Attack McDonald's Instagram
On August 21, hackers took control of McDonald's Instagram page to promote the GRIMACE meme coin on the Solana blockchain. McDonald's marketing director Guillaume Huin also posted about the coin on his X page, indicating a double attack.
Promoting the GRIMACE Meme Coin
The attackers marketed GRIMACE as a 'McDonald's experiment on Solana.' Early investors, hoping for quick gains, started buying in, pushing its valuation to $20 million. Shortly after, the market cap plummeted to under $1 million. According to pump.fun, hackers earned around $700,000 worth of Solana.
Reaction and Consequences
Two minutes before the launch, several wallets invested 6.2 SOL in GRIMACE, and McDonald's post went live. Twenty-eight minutes later, the addresses pocketed nearly $500,000 in Solana. All posts on McDonald's and Huin's tweets about the coin were deleted. At press time, neither McDonald's nor Huin responded to requests for comment.
This event highlights the vulnerability of social media accounts and the importance of increased security. It's crucial to be cautious when investing in digital assets, especially meme coins.
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