cDonald’s Instagram account was recently hacked which led to a huge cryptocurrency scam in the memecoin segment.
The GRIMACE Token Scam
Hackers known by their anonymous name “India_X_Kr3w” have recently hacked McDonald’s Instagram account in order to promote a fake token called GRIMACE on the Solana Blockchain. Unfortunately The token was able to achieve a $25m market cap before crashing down 95% in a rug pull, where the scammers said that they took $700,000 from the victims in Solana.
Memecoin Frenzy on Solana
The event is notable as a perfect example that the memecoin mania on Solana is still going on hence why hackers are using it as an opportunity to steal money. Currently, more than 17,400 tokens are being launched daily on the network primarily due to such platforms as Pump.fun which makes it so easy to launch a token in a few minutes. However, it is important to stay vigilant as a very small portion of these towns end up being legit and successful.
Effect on Transaction Volume of Solana
Although there are huge risks with memecoins on Solana, most traders are still actively trying to catch the next big one which has contributed massively in Solana’s increasing trading volume. For instance, In July DEXs on Solana blockchain have recorded a massive $57.3 Billion dollars in monthly volume, Even surpassing the second biggest cryptocurrency Ethereum.
Lessons from McDonald's Hack
The unfortunate hack that occurred and the Grimace token rug pull are nothing new in this space and are a classic example of investing and trading in cryptocurrency, especially in memcoins as it is very easy for people to launch a memecoin compared to other utility tokens. Hence why it is always important to be skeptical and do research before jumping in any investment . As the memecoin trend keeps pushing trading volumes on platforms like Solana, investors should be careful not to fall for scams and rug pulls.
