KEY POINTS
- Bubblemaps said the hackers owned 75% of the scam token's total supply
- McDonald's said it was aware of an "isolated incident" that affected its social media handles
- So far this year, the McDonald's Instagram hacking is the third high-profile incident related to shilling a memecoin
In the vast world of blockchain and cryptocurrencies where token-related scams are rife, hackers took over a food chain giant's social media page to shill and ultimately dump a fake memecoin based on a character made popular by the food behemoth.
Social media erupts amid hacking
Multiple social media posts with screen shots showed how exploiters took over McDonald's Instagram account Wednesday to promote a fake Grimace-based token. One post showed how the hackers posted a photo of the purple mascot Grimace and captioned the photo with a link directing followers to the fake memecoin. The project was shilled as "a McDonald's experiment on Solana."
In another post, it was shown how the exploiters changed the account's bio with offensive language and a claim that memecoin investors have "just been rug pulled." The hackers thanked supposed investor-victims "for the $700,000 in Solana."
Mcdonald’s Instagram was hacked. The hacker launched a coin (GRIMACE) then rugpulled buyers for $700k. Then left the a wild note in the bio.
— Trung Phan (@TrungTPhan) August 21, 2024
Between this hack and TikTk trend of people pretending to die after drinking the Grimace Shake, think it’s time to retire this character. pic.twitter.com/vY51viFEhD
Blockchain tracker reveals hackers' movement
After news of the hacking broke, on-chain data tracker and blockchain visual maker Bubblemaps said the exploiters "owned 75% [of the fake token's] supply" and used multiple addresses to buy on memecoin factory Pumpfun "simultaneously." The coins were then spread across 100 digital addresses and sold for $700,000.
hacker owned 75% of the supply
— Bubblemaps (@bubblemaps) August 21, 2024
used multiple addresses to buy on Pumpfun simultaneously, then spread into ~100 addresses
sold for $700k
thanks, @McDonalds 🍟 https://t.co/Gt9yb3V3qp pic.twitter.com/ojLoiJamdy
McDonald's releases statement
The food chain said in a statement that it was "aware of an isolated incident that impacted our social media accounts earlier today," adding that it has "resolved the issue on those accounts and apologize to our fans for any offensive language posted during that time," as per the New York Post.
It is unclear whether McDonald's is working with authorities to track down the exploiters. The food chain did not immediately respond to International Business Times' request for comment.
Mixed reactions among crypto users
Crypto users have reacted to news about the latest targeting of a huge company. Trader Karan Singh Arora said "some people never learn," referring to the many rug pulling incidents in the memecoin sector.
RUG SEASON IS BACK⚠️
— Karan Singh Arora (@thisisksa) August 21, 2024
This Scammer just made $700,000 in few hours using McDonalds account.‼️
The McDonald’s, $MCD, instagram was hacked, where it pumped and dumped a #solana altcoin.
I don’t know how crypto bros keep falling for this.
McDonalds account posts a token and you… pic.twitter.com/G8T8KF2kRk
A crypto rug pull is a type of exit scam wherein the project's creator suddenly vanishes once they take money that investors put into the token.
One user said it might have been an "inside job." There were reports that it appears McDonald's marketing director Guillaume Huin's account may have been hacked as well, since there was also a post about the scam $GRIMACE memecoin.
One user said the memecoin sector is becoming "pretty poisonous," while another said it was such an "obvious" scam from the get go.
McDonald's is the latest in what could be a growing trend of breaches into the social media accounts of high-profile entities and individuals to shill scam memecoins. Late in June, the X account of rock band Metallica was hacked to post a fake $METAL token.
In February, the X handle of Bitcoin maximalist firm MicroStrategy was also hacked to promote fake tokens. A crypto sleuth revealed that some $440,000 was "stolen" from investors due to the said incident.
