PHIL token Surges on Uniswap
A new meme coin, PHIL, associated with the ethereum Genesis block, made a remarkable debut on Uniswap's trading platform on August 28. The token, launched from a wallet funded by ethereum's Genesis block in 2015, quickly gained traction and soared to a market capitalization exceeding $125 million in just a few hours.
PHIL's Price Volatility
Post-launch, PHIL witnessed a flurry of trading activity, becoming the most prominent asset by volume on Uniswap. Initially reaching a peak price of $0.12, the token's value subsequently dipped to the current price of $0.067. This price fluctuation was fueled by intense trading by both individual investors and whales in the crypto space.
The wallet behind PHIL's launch, originally endowed with 2,000 ETH from the Genesis block, allocated a substantial portion of its holdings toward PHIL's liquidity pool, contributing to the token's rapid rise on Uniswap.
McDonald’s Instagram Hacked for meme coin Scam
In a separate incident, the official Instagram account of fast-food giant McDonald’s fell victim to hackers promoting a fraudulent meme coin scam called "GRIMACE," based on the Solana blockchain. The hackers took control of McDonald's social media platform to endorse the fictitious token, leading to financial losses for unsuspecting users.
The hackers managed to illicitly advertise the GRIMACE token to McDonald's extensive Instagram following of 5.1 million users, claiming to have obtained $700,000 through their deceptive scheme. This form of fraud, known as a "rug pull," involves creating fake tokens and then absconding with investors' funds, leaving them with worthless assets.
GRIMACE token Market Cap Plummets
While the hackers initially inflated the market cap of the GRIMACE token to $20 million within half an hour of the cyberattack, the value rapidly deteriorated to under $600,000 following the hackers' selloff. Despite McDonald's prompt action in reclaiming control of its Instagram account, significant financial repercussions ensued due to the scam.
These incidents highlight the ongoing challenges faced by both the crypto community and corporate entities in safeguarding against cyber threats and fraudulent activities perpetuated by malicious actors in the digital space.
