Bitcoin Technical Indicators Strengthen To Lead the Short Squeeze

August 22, 2024 09:22 PM AEST | By Team Kalkine Media

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Bitcoin Technical Indicators Strengthen To Lead the Short Squeeze — Image source: Shutterstock

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The official McDonald’s Instagram account was compromised by scammers who used the platform to promote a fraudulent memecoin themed around the fast food chain’s mascot, Grimace. The incident resulted in the theft of over $700,000 in Solana.

The attack unfolded when hackers gained access to McDonald’s Instagram, where they made several posts promoting a memecoin called “Grimace.” This token was advertised as part of a “McDonald’s experiment on Solana,” reaching McDonald’s 5.1 million global followers.

According to blockchain analytics service Bubblemaps, the hackers utilized the Solana (SOL) memecoin deployer, pump.fun, to acquire 75% of the Grimace token's total circulating supply. This supply was then distributed among approximately 100 wallets. Following the promotion, the market capitalization of the Grimace token surged from a few thousand dollars to $25 million within 30 minutes, based on DexScreener data.

The token’s value quickly declined as the hackers began selling off their holdings. Within 40 minutes, the value dropped to around $650,000. Bubblemaps reported that the scammers ultimately profited approximately $700,000 in Solana from this scheme.

In addition to the fraudulent posts, the hacker altered the Instagram account's bio to boast about their actions, including a claim of having secured $700,000 from the scam. The posts and bio have since been removed, and the account has returned to its normal state.

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