Memecoin scams are on the rise, and the latest victim is none other than the official Instagram account of McDonald's Corp. In a shocking turn of events, scammers hijacked the fast-food giant's social media account to promote a memecoin scam named after the beloved character Grimace.
The scammers behind this nefarious act used the platform to promote the "GRIMACE" token, a memecoin based on the Solana blockchain. In their brazen attempt to deceive unsuspecting followers, the perpetrators claimed to have made $700,000 in stolen funds.
Social Media Hijack for Memecoin Promotion
During the hack, the scammers boldly declared their ill-gotten gains, stating, "Thank you for the $700,000 in Solana." The malicious actors even went as far as attributing the hack to a group called India_X_Kr3w, a term all too familiar in the world of crypto scams.
The scam was short-lived but long enough to cause a stir among McDonald's 5.1 million followers. The company quickly regained control of its social media account and removed the fraudulent content.
Rug pulls are a common tactic used in illegal crypto schemes, where scammers create fake tokens that initially appear legitimate to lure investors before disappearing with their funds. These scams have plagued the crypto industry for years, preying on unsuspecting individuals.
Memecoin Market Manipulation
The impact of the hack was evident when the memecoin token GRIMACE experienced a rapid surge in market value, reaching a staggering $20 million within just 30 minutes of the cyberattack. However, the inflated market cap was short-lived as the hackers swiftly dumped their holdings, causing the token to plummet below $600,000.
Following the incident, McDonald's released a statement acknowledging the hack as an isolated incident. The company reassured its customers that the issue had been resolved and apologized for any offensive content posted during the breach.
Notably, the senior marketing director of McDonald's, Guillaume Huin, also fell victim to the hack, with scammers using his X and Instagram accounts to promote the fake coin scheme. The compromised accounts showcased misleading promotions for the illicit token, claiming it was part of a McDonald's experiment on the Solana blockchain.
The Rise of SOL-Based Memecoin Scams
Unfortunately, this incident is not an isolated case in the world of crypto scams. Earlier this year, a Solana memecoin scam known as 'BONKKILLER' garnered a fictitious market cap of $328 trillion by freezing token holders' accounts. The devious tactics used by scammers continue to evolve, with no shortage of victims falling prey to these fraudulent schemes.
In a separate incident, actress Sydney Sweeney's X account was hacked to promote a Solana-based memecoin named 'SWEENEY.' The scammers capitalized on the star's popularity to deceive investors into believing that the token was an official project endorsed by the actress.
These memecoin scams have even managed to deceive industry experts and "rug pull detectors," highlighting the sophistication and audacity of those behind these malicious schemes. As the crypto space expands, it is crucial for users to exercise caution and diligence to protect themselves from falling victim to such scams.
