Crypto hackers have recently shifted their focus from traditional targets within the sector to popular brands and celebrities on social media platforms. The latest victim of such an attack was McDonald’s Instagram account, which was breached to promote a fraudulent memecoin called ‘Grimace’. With a massive following of 5.1 million, McDonald’s frequently shares promotional content on the platform, making it an attractive target for hackers.
Details of the Attack
Following the breach on August 21, the hackers took control of McDonald’s Instagram account and modified the bio to claim that they had stolen $700,000 (approximately Rs. 5.8 crore) through the scam. Screenshots of the hacked account show the hackers misinforming followers that the scam memecoin Grimace was part of McDonald’s experiment on the Solana blockchain, promising Grimace holders a follow back on their accounts. Within just 30 minutes, the market cap of Grimace skyrocketed to $25 million (roughly Rs. 20.9 crore).
Fortunately, McDonald’s was able to regain control of its Instagram account and removed all posts related to the Grimace memecoin and the edited bio. The price of Grimace has since plummeted to $0.0003752 (roughly Rs. 0.031) post-hack. This incident serves as a stark reminder of the vulnerability of popular brands and public figures to crypto hacking attempts.
Increased Crypto Scams in 2024
A recent report by Web3 bug bounty platform Immunefi revealed a concerning trend in the crypto space. In the second quarter of 2024, crypto scams surged by 91 percent compared to the same period in 2023. This uptick in fraudulent activity has resulted in significant financial losses, with victims falling prey to frauds and scams amounting to Rs. 4,261 crore in Q2 2024.
Despite the hacker leaving a trail that suggests a potential link to India, no individual from the country has taken responsibility for the breach. Speculations on social media platforms like X hint at the origin of the attacker, but as of now, there is no definitive proof to establish the connection. It remains unclear whether the hacker is genuinely affiliated with India or if it was a deliberate misdirection tactic.
The recent targeting of popular brands and celebrities on social media by crypto hackers underscores the importance of robust cybersecurity measures in place. As the crypto space continues to evolve, it is crucial for individuals, organizations, and public figures to remain vigilant and proactive in safeguarding their online presence against potential threats. The rise in crypto scams serves as a stark warning to the community, highlighting the need for enhanced security measures and greater awareness about the risks associated with digital assets.
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