A fake Solana-based token was being promoted by the hacked Instagram page of the fast food giant
After the market cap of the fraudulent token shot up to $30 million in virtually no time. However, it crashed rapidly after the cryptocurrency turned out to be a scam. XRP to $1, Here's How It Can Happen, Ethereum Might Lose Even More, Dogecoin Reclaims Strategic Price Level
Notably, Guillaume Huin, the market director of the fast food giant, also had his account compromised to advertise"a McDonald's experiment" on Solana. The bogus social media posts have been deleted. However, the rugpull resulted in the hacker allegedly pocketing as much as $700,000 worth of SOL tokens.
According to data provided by Pump.fun, the token's market cap currently stands at just $1 million after a precipitous crash. Grimace is a large rotund purple monster that was first introduced in the early 70s. After being initially portrayed as an evil character, Grimace later became rather amiable. He is supposed to be an anthropomorphic taste bud. Last year, McDonald's introduced a berry-flavored milkshake called"Grimace Shake" that ended up becoming viral.
The innocuous joke also led to the launch of a Grimace token on Binance Smart Chain , which posted massive gains in no time before inevitably crashing down. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
McDonald's Instagram page hacked by crypto scammers who claim they stole $700KThe hackers who targeted McDonald’s social media account used it to promote a fake meme coin known as “GRIMACE” on the Solana network.
Read more »
Innovative Solana Bot (Soldoubler) Launches to Optimize Solana Coin LeveragingCrypto Blog
Read more »
GRIMACE meme coin suffers rug pull after promotion on hacked McDonald's Instagram accountMcDonald's Instagram account suffered a hack on Wednesday after it promoted a Solana-based meme coin named after GRIMACE, one of its packaging characters.
Read more »
Rock and Roll Hall of Famer, father of British blues, dead at 90His death was announced on his Instagram page.
Read more »
Solana-Based Shiba Inu (SHIB) Rival Becomes Official Partner of Baseball UnitedDubai-based Baseball United has picked Solana-based BONK as its official partner
Read more »
Tequila Token to Launch on Solana Blockchain at 17:00 UTC on July 30, 2024Crypto Blog
Read more »