Hackers likely took over McDonalds’ Instagram account to promote a Solana-based memecoin called GRIMACE. The cyberattack, which briefly duped investors, underscores the growing trend of cryptocurrency scams exploiting high-profile social media accounts.
The hackers didn’t just post about GRIMACE—they crafted a narrative, presenting the token as “a McDonald’s experiment on Solana.” This was enough to convince some that the fast-food giant was genuinely behind the project.
To add to the deception, the hackers altered McDonald’s profile, thanking users for “$700,000 in Solana” and hinting at a rug pull—a blatant signal of the scam.
The fraudulent post on Wednesday sparked a flurry of activity. Investors rushed in, thinking they were getting in early on a McDonald’s-backed venture. According to Pump.fun data the token’s market cap soared to $20 million in no time, only to crash below $1 million when the hackers cashed out, leaving investors with virtually worthless tokens.
McDonalds Marketing Director’s X Account Hacked
The post was eventually deleted, but the damage had already been done.
Even McDonalds marketing director, Guillaume Huin, unknowingly contributed to the chaos by posting about GRIMACE on X with his account likely hijacked by the same hackers.
His post, like the one on Instagram, has since been removed, but not before it added to the confusion.
This incident is the latest in a string of social media hacks targeting major brands and celebrities to push cryptocurrency scams. Earlier this year, Google’s cybersecurity firm Mandiant had its X account hacked.
The attackers posed as the official crypto wallet Phantom, promoting a fake PHNTM token distribution and directing users to a scam website.
In a similar incident, Doja Cat’s X account was hijacked in July to promote another Solana-based memecoin. The hacker flooded her profile with tweets to her 5.6 million followers, attempting to draw them into the scam.
Doja Cat quickly responded on Instagram, clarifying that she wasn’t behind the posts. Despite her quick action, the incident caused a lot of damage among her 24 million followers.
The Rise of Memecoin Rugs
The GRIMACE debacle shines a light on the risks associated with the growing memecoin market. Behind GRIMACE was Pump.fun, a Solana-based memecoin generator that has been instrumental in the creation of over 1.8 million memecoins as per Dune Analytics data. While the platform has gained traction, it’s also faced criticism for its low success rate.
According to Dune Analytics, only about 1.4% of coins created on Pump.fun reach the $69,000 market cap needed to be listed on a decentralized exchange (DEX). This low “graduation rate” has raised concerns about the platform’s sustainability and the broader memecoin market.
