Solana

Read

Hackers seemingly breached McDonald’s Instagram page on Aug. 21 to market GRIMACE, a memecoin launched via pump.fun on the Solana blockchain.&nbsp;
Hamburgers and Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noopener noreferrer nofollow">SOL</a>) memecoins collided on Aug. 21 as hackers compromised McDonald’s Instagram page, as bad actors used the global fast-food chain’s social media to promote Solana-based GRIMACE.&nbsp;
McDonald’s marketing director Guillaume Huin also posted about the memecoin on his X page in an apparent double attack.
Hackers pitched GRIMACE as “a McDonald’s experiment on Solana,” and early investors chasing the next moonshot bought in. Per pump.fun data, the memecoin bolted to a $20 million valuation. The swift rug pull crashed GRIMACE under $1 million in market cap shortly after.&nbsp;
You might also like: <a href="https://crypto.news/pump-fun-token-crash-leaves-investors-stuck-holding-the-bag/" rel="noopener noreferrer nofollow"> Pump.fun token crash leaves investors stuck holding the bag </a>
A message appeared thanking buyers for $700,000 worth of Solana, suggesting the hackers siphoned less than 4% of the token’s entire value. Two minutes before it launched, several wallets invested 6.2 SOL in GRIMACE, and the McDonald’s post went live. The addresses <a href="https://solscan.io/account/2vjnmxwTYNJvTmFhtqxZkPiuCHkaKZK5rcxTLuoC2dPB" target="_blank" rel="noopener noreferrer nofollow">pocketed</a> nearly $500,000 in Solana’s native currency 28 minutes later.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 before they are deleted <a href="https://t.co/PYdJDWYJmQ" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/PYdJDWYJmQ</a>— PostedGo 🔋 (@postedgo) <a href="https://twitter.com/postedgo/status/1826287988869153167?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 21, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
The culprits deleted all McDonald’s posts promoting Solana’s memecoin GRIMACE, including Huin’s tweets on X. At press time, neither Huin nor McDonald had responded to commentary requests from crypto.news, or acknowledged the incident.
Pump.fun is an easy-to-use memecoin launchpad on Solana. Developers aplenty have used the protocol to launch 1.8 million meme-inspired tokens. Most of the tokens have crashed, and Pump.fun has generated over $340 million in fees since its launch in January.&nbsp;
Tron (<a href="https://crypto.news/price/tron/" target="_blank" rel="noopener noreferrer nofollow">TRX</a>) and its SunPump (<a href="https://crypto.news/price/sun-token/" target="_blank" rel="noopener noreferrer nofollow">SUN</a>) platform were launched to compete with Solana and Pump.fun to take a share of the bustling memecoin issuance market. The TRX-based meme ecosystem has <a href="https://crypto.news/sunpump-buoys-trons-24-hour-revenue-over-ethereum/" target="_blank" rel="noopener noreferrer nofollow">raised</a> more revenue than Ethereum in 24 hours.
Read more: <a href="https://crypto.news/sunpump-buoys-trons-24-hour-revenue-over-ethereum/" rel="noopener noreferrer nofollow"> SunPump buoys Tron’s 24-hour revenue over Ethereum </a>

McDonald’s Instagram hijacked in $25m Solana ‘GRIMACE’ scam

crypto.news

Other articles published on Aug 21, 2024

Phishing Attack Steals $55.4 Million in Dai Stablecoin

Is Ripple’s XRP Worth the Wait? Market Experts Weigh In

Rollblock Investors Double Their Bag By Investing in New Gambling ICO at $0.001777

Why Ethereum Is Better Than Bitcoin

Major Hedge Funds Embrace Bitcoin ETFs: A Turning Point for Cryptocurrency Investment

Bitcoin Surges Past $60K Then Drops

Join our free newsletter for daily crypto updates!