Crypto Hackers Targeting Brands and Celebrities on Social Media

In a recent breach, the popular fast-food chain McDonald’s fell victim to crypto hackers targeting their Instagram account to promote a fraudulent memecoin called ‘Grimace’. With a substantial following of 5.1 million, McDonald’s frequently shares promotional content on the platform. The hackers managed to alter McDonald’s Instagram bio, claiming they had stolen $700,000 through the scam, causing alarm among the brand’s followers.

The hackers behind the breach of McDonald’s Instagram account were able to own 75 percent of Grimace’s supply through a Solana memecoin deployer called pump.fun. Screenshots of the hacked account show that the hackers were misinforming followers, leading them to believe that Grimace was a legitimate experiment by McDonald’s on the Solana blockchain. The market cap of Grimace rose to $25 million within 30 minutes of the fraudulent posts being published.

McDonald’s has since regained control of its Instagram account and removed all posts related to the Grimace memecoin scam. The price of Grimace has dropped significantly since the hack, highlighting the volatile nature of crypto investments. It’s important to note that crypto scams are on the rise, with reports indicating a 91 percent increase in frauds and scams in the second quarter of 2024 compared to the previous year.

There has been speculation among users that the hacker behind the McDonald’s Instagram account breach may be of Indian origin, based on the hacker’s name and the presence of the Indian flag emoji in the hacked bio. However, no one from India has claimed responsibility for the attack, leaving the true identity of the hackers unclear. It is crucial for brands and celebrities to enhance their security measures to prevent future attacks.

The incident involving the hacking of McDonald’s Instagram account to promote a fraudulent memecoin serves as a stark reminder of the risks associated with the crypto sector. Brands and celebrities must remain vigilant and take proactive steps to protect themselves and their followers from falling prey to such scams. As the popularity of cryptocurrencies continues to grow, so does the threat of cyber attacks and frauds. It is essential for individuals and organizations involved in the space to prioritize security and educate their followers on how to avoid falling victim to such malicious schemes.