McDonald's Instagram Hacked, $700,000 Stolen in Grimace Memecoin Scam

A scam involving the hacking of McDonald's official Instagram account resulted in the theft of over $700,000 in Solana.

On August 21, hackers hijacked the fast-food giant's social media to promote a fraudulent memecoin named after McDonald's mascot, Grimace.

Screenshot of the McDonald’s Instagram promoting Grimace token. Source: X

Grimace Memecoin Scam

The hackers posted multiple times, claiming the token was a "McDonald’s experiment on Solana," and lured the brand’s 5.1 million followers into investing.

Manipulated Token Value

Using the Solana memecoin deployer, the hackers purchased 75% of the Grimace token’s supply before splitting it across 100 wallets. This tactic created a spike in the token's value, pushing its market capitalisation from a few thousand dollars to $25 million within half an hour.

Price Collapse and Stolen Funds

Following the surge, the hackers dumped their holdings, causing the token's value to plummet to just $650,000 in mere minutes. Blockchain analytics firm Bubblemaps confirmed that the hackers made off with a total profit of approximately $700,000.

The value of GRIMACE surged to million in 30 minutes. Source: Dexscreener

Hackers’ Bragging Rights

In a brazen move, the hackers edited McDonald’s Instagram bio to boast about their actions, stating they had stolen $700,000 in Solana.

Screenshot showing McDonald’s Instagram bio when it was hacked. Source: X

Company Response

McDonald's acknowledged the breach, calling it an "isolated incident" and apologised for any offensive language used during the hack.

Understanding a Rug Pull

A "rug pull" scam typically involves creating and promoting a fake token to lure investors. Once sufficient funds are collected, the scammers withdraw liquidity, leaving investors with worthless coins.