McDonald’s Instagram Hack Leads to $700K Crypto Theft
On August 21, 2024, cybercriminals hijacked McDonald’s official Instagram account to execute a sophisticated cryptocurrency scam, stealing over $700,000. The perpetrators used the fast food giant’s social media platform to promote a fraudulent token known as “GRIMACE,” based on the company’s purple mascot.
The scam began with hackers creating posts on McDonald’s Instagram claiming that the GRIMACE token was part of a “McDonald’s experiment on Solana.” This misleading promotion led to a rapid surge in the token’s value, spiking from a few thousand dollars to approximately $25 million within 30 minutes.
However, the token’s value plummeted almost as quickly as it had risen. Within 40 minutes, the GRIMACE token’s market cap crashed to around $650,000 as the scammers liquidated their holdings. Blockchain analytics from Bubblemaps indicated that the hackers acquired 75% of the token’s total supply, distributing it across approximately 100 wallets before cashing out.
hacker owned 75% of the supply
used multiple addresses to buy on Pumpfun simultaneously, then spread into ~100 addresses
Hacker’s Bold Announcement and McDonald’s Response
Following the attack, the hackers modified McDonald’s Instagram bio to flaunt their success. They left a message stating, “Sorry mah n**ga you have just been rug pulled by India_X_Kr3w thank you for the $700,000 in Solana.” This boastful remark was quickly removed after McDonald’s regained control of the account.
In response to the incident, McDonald’s issued a statement acknowledging the breach. The company apologised for offensive content posted during the attack and assured that the issue had been resolved. “We have resolved the issue on those accounts and apologise to our fans for any offensive language posted during that time,” McDonald’s said.
The GRIMACE scam highlights the growing risk of crypto-related fraud, which has increasingly targeted high-profile brands and their followers. According to a recent report by Immunefi, the crypto sector experienced losses exceeding $1.19 billion from hacks and scams in the first half of 2024 alone. This figure underscores a troubling trend of rising cybercrime in digital assets.
Rob Hughes, Chief Information Security Officer at RSA Security, commented on the incident, noting that cybercriminals focus more on cryptocurrencies and identity theft. “Cybercriminals will typically go where the money is, and increasingly that means campaigns built around crypto,” Hughes remarked.
Conclusion
The McDonald’s Instagram hack is a stark reminder of the vulnerabilities associated with digital and social media platforms. As the crypto industry evolves, the need for robust security measures and vigilance against fraud becomes ever more crucial.
