Hackers Pull Off $700,000 Scam Using McDonald’s Instagram Account

Cybercriminals Behind the Attack Identified 

The hackers, identifying themselves as “India X Kr3w,” altered McDonald’s Instagram profile. They broadcasted a mocking message about their successful heist. Within just 30 minutes, the value of the fake “GRIMACE” token skyrocketed; only to plummet when the hackers cashed out, leaving investors with worthless assets. 

Rug pulls like this involve artificially inflating a cryptocurrency’s value before the creators withdraw all funds, leaving other investors in the lurch. 

McDonald’s Regains Control, but Damage Done 

Guillaume Huin, McDonald’s Senior Marketing Director, was also a target in the breach. His social media accounts were used to spread false advertisements, claiming that the GRIMACE token was an official McDonald’s project. These posts added an air of legitimacy to the scam, enticing more victims. 

Blockchain data revealed that the hackers controlled 75% of the GRIMACE token supply. Despite clear warning signs, many traders fell victims to the scam, resulting in a trading volume exceeding $25 million in just 24 hours. 

After the breach, McDonald’s quickly regained control of its Instagram account and deleted all content related to the fraudulent token. While the people behind the platform managed to restore it, the incident highlights the ongoing risks in the crypto space. 

According to a recent Immunefi report, the crypto sector has lost over $1.19 billion to hacks and scams. This was in the first seven months of 2024 alone. It marks a significant increase from previous years. This surge in cybercriminal activity underscores the growing threat to digital assets.