A big fast food brand, McDonald’s Instagram account hacked on August 22, 2024, leading to an alleged stolen of $700,000 by crypto scammers. These hackers infiltrated the fast-food giant’s social media, using the platform to promote a fake cryptocurrency called “GRIMACE,” named after McDonald’s iconic purple mascot. The hack hasn’t only duped users but also highlighted the growing trend of crypto scams on social media.

The Hack Unfolds

This McDonald’s Instagram hacked event began on Wednesday, August 21, when McDonald’s five million Instagram followers started seeing posts promoting the GRIMACE memecoin. This is the token, which is based on the Solana blockchain, began to rise in market value—seemingly due to the hacked account’s promotion.

By the next day, the hackers had fully taken over McDonald’s Instagram, posting deceptive messages that claimed the company was giving away free cryptocurrency. This tactic of hackers, is known as Social Engineering Attack, plays on people’s trust in well-known brands and their desire for quick financial gain.

How the Scam Worked

The fraudulent posts on McDonald’s Instagram included links to malicious websites designed to steal personal and financial information from users or trick them into investing in the fake GRIMACE coin. To make the scam more believable, the hackers tied the coin to McDonald’s mascot, Grimace, adding a layer of legitimacy that fooled many followers.

In a particularly clever move, the hackers also targeted the personal X (Twitter) account of Guillaume Huin, a senior marketing director at McDonald’s. Posts on his account encouraged users to invest in the GRIMACE token through a website called Pump.fun, promising significant returns for small investments. The hackers even went so far as to offer a follow-back from McDonald’s official account to anyone who held the GRIMACE token and shared their Instagram handle.

Hackers Claimed to Steal $700,000

According to blockchain data analysis platform Bubblemaps, the hacker may have purchased a large amount of GRIMACE tokens just before the hack. When the token’s value skyrocketed due to the social media promotion, the hacker allegedly sold off their holdings, causing the token’s value to crash and netting around $700,000 in the process. This type of scheme, known as a “rug pull,” is a common tactic in the cryptocurrency world.

After the cyberattack, the hackers even updated McDonald’s Instagram bio to thank followers for the $700,000 they had fraudulently obtained. This brazen act further underscored the sophistication and boldness of the attack.

McDonald’s Response and the Bigger Picture

McDonald’s quickly responded to the hack, confirming that they had regained control of their Instagram account. In a statement to the New York Post, the company acknowledged the incident and apologized to their fans, stating, “We have resolved the issue on those accounts and apologize to our fans for any offensive language posted during that time.”

However, the incident raises serious concerns about the security of social media accounts, even for major corporations like McDonald’s. The use of a fake cryptocurrency in this attack also highlights the increasing trend of crypto scams targeting unsuspecting social media users.

Reminder for Social Media Users

The McDonald’s Instagram hack serves as a stark reminder for everyone to be cautious when encountering unsolicited cryptocurrency offers, especially those that seem to come from legitimate sources. The volatile nature of the cryptocurrency market and the anonymity it offers make it a breeding ground for fraudsters. Staying updated with Guidelines to prevent from Online Scams and bombing cyber security myths and facts is very important for everyone. However, most people and organization got scammed who use 2FA and MFA properly.

As more people and companies engage with cryptocurrencies, the importance of social media security and user vigilance cannot be overstated. This incident shows that even the most trusted brands are not immune to cyber attacks, making it crucial for all of us to stay informed and protected online. If you ever deal with this kinda attack, to whom will you call? Contact us today to learn more about network and cyber security. Book FREE 1:1 consultation and secure your critical infrastructure, data and more.

Did you find this article useful? Support us on LinkedIn and Facebook.