McDonald’s Instagram web page was reportedly hacked on August 21, resulting in a big rip-off involving a Solana-based meme coin.

The perpetrators exploited the fast-food chain’s social media account to advertise a fraudulent token named “Grimace,” referencing certainly one of McDonald’s fictional characters featured in its ads.

Bubblemaps’ findings reveal that the hacker acquired 75% of the Grimace token’s whole provide utilizing the Solana meme coin deployer pump.enjoyable. The attacker leveraged a number of addresses to buy the token concurrently after which distributed the collected provide throughout roughly 100 completely different wallets.

The hackers reportedly siphoned over $700,000 in Solana throughout the scheme. Screenshots from X revealed that the McDonald’s Instagram web page was altered to endorse the token as a “McDonald’s experiment on Solana” and included a message thanking followers for his or her contributions, hinting on the rip-off’s execution.

In a statement to the New York Submit, McDonald’s mentioned that it was conscious of an “remoted incident” affecting its social media accounts.

“Now we have resolved the problem on these accounts and apologize to our followers for any offensive language posted throughout that point.”

This occasion serves as a reminder for traders to be cautious with newly launched meme cash, as many of those extremely risky belongings are prone to scams. For the Solana ecosystem, pump.enjoyable has emerged as a outstanding website for meme coin creation.

Launched on January 14, 2024, pump.enjoyable noticed its reputation surge in March, coinciding with the height of the meme coin season.

K33’s report reveals that the platform is approaching $100 million in whole income. For the reason that begin of the yr, customers on pump.enjoyable have launched 1,829,747 meme cash, a quantity that many argue displays the dearth of seriousness within the Solana DeFi area.