In the world of cryptocurrency, hackers are known for their relentless attacks on the sector. However, their tactics have taken a new turn as they are now targeting popular brands and celebrities on social media platforms in order to ensnare unsuspecting victims. A recent example of this was when McDonald’s Instagram account was hacked in order to promote a fraudulent memecoin called ‘Grimace’. With a substantial following of 5.1 million, the fast-food giant frequently shares promotional content on the platform, making it a prime target for crypto hackers looking to exploit its large audience.
After the recent attack on August 21st, hackers were able to gain access to McDonald’s Instagram account and proceeded to promote the scam memecoin ‘Grimace’. They altered McDonald’s Instagram bio to claim that they had stolen $700,000 through the scam, causing alarm among the brand’s 5.1 million followers. The hackers used multiple addresses to buy Grimace on Pumpfun simultaneously, then spread into ~100 addresses, ultimately selling it for $700,000. Screenshots of the hacked Instagram account showed the hackers misinforming account followers about Grimace being an experimental token on the Solana blockchain, promising followers a follow back on their accounts. This resulted in the market cap of Grimace rising to $25 million within just 30 minutes of the fraudulent posts being published.
Fortunately, McDonald’s was able to regain control of its Instagram account and remove all posts related to Grimace memecoin and the edited bio. The price of Grimace has since dropped significantly to $0.0003752 since the hack. This incident serves as a reminder of the prevalence of crypto scams in the digital space. A recent report by Web3 bug bounty platform Immunefi revealed that crypto scams rose by 91 percent in the second quarter of 2024 compared to the same period in 2023. This highlights the importance of remaining vigilant and cautious when engaging with cryptocurrency and investment opportunities online.
While some users have speculated that the attacker might be of Indian descent based on the hacker’s name and the presence of an Indian flag emoji in the hacked bio, no one from India has claimed responsibility for the breach. Therefore, it remains unclear whether the hacker is actually linked to India or if these were simply misleading clues left behind to confuse investigators. The motive behind the attack and the identity of the hacker are still shrouded in mystery, leaving many questions unanswered.
The targeting of popular brands and celebrities by crypto hackers on social media platforms is a concerning trend that poses a threat to both the entities being attacked and their followers. It is essential for individuals to exercise caution and due diligence when engaging with cryptocurrency-related content online to avoid falling victim to such scams. The McDonald’s Instagram hack serves as a stark reminder of the potential risks associated with the digital currency space and the importance of maintaining a critical eye in the face of enticing yet potentially fraudulent investment opportunities.
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