In a recent incident, McDonald’s official Instagram account was reportedly hacked by some unknown bad actors, leading to the false announcement of a Meme crypto

McDonald’s Instagram account was reportedly hacked recently by some bad actors, who made a false announcement about a Meme crypto token called “GRIMACE” on the Solana blockchain.

Following the Instagram post about the meme token, the token’s market value surged to $25 million within 30 minutes before plummeting, raising concerns about the increasing frequency of social media hacks used to exploit investors.

It is also interesting to note that the marketing director of McDonald’s also posted about the Meme coin on X (formerly Twitter).

The market value of #GRIMACE token rose to $25 million within 30m and then fell rapidly. Shockingly the marketing director of #McDonald's, also posted information about the Meme coin GRIMACE on X. But Both posts have been deleted. pic.twitter.com/PipPpFPWOG

Both posts were deleted shortly after being published, adding to suspicions that the social media accounts had been compromised by scammers.

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Deleted posts pic.twitter.com/pgMrLNfCPt

According to an on chain data record, the scammers who hacked the official McDonald’s Instagram page managed to make away with over $700,000 in Solana.

Crypto scammers targeting influential social media accounts

This incident serves as a reminder of the escalating threat posed by cybercriminals, who are increasingly targeting high-profile social media accounts to launch fraudulent schemes. These scams aim to manipulate market sentiment and steal funds from unsuspecting investors. The speed at which the token’s value surged and then collapsed also highlights the volatile and speculative nature of such scams, leaving investors vulnerable to substantial financial losses.

The use of hacked accounts to promote fraudulent tokens is not only unethical but also illegal. It highlights a growing trend where cybercriminals are exploiting the trust and reach of well-known brands to execute pump-and-dump schemes, where a token’s price is artificially inflated and then sold off at a profit, leaving other investors with significant losses. The anonymity of the blockchain also makes it difficult to track and hold the perpetrators accountable, further complicating efforts to prevent such scams.

Read also: Second Solana Spot ETF Product Secures Regulatory Approval in Brazil

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