Hackers compromise McDonald’s Instagram account to conduct $700k rug pull
Hackers compromise McDonaldâs Instagram fable to behavior $700k rug pull Hackers compromise McDonaldâs Instagram fable to behavior $700k rug pull
The group identified as India_X_Kr3w managed to snag $700,000 after frequently dumping their GRIMACE holdings.
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Quick meals chain McDonald’sâ Instagram profile promoted a rip-off memecoin deployed on Solana (SOL) after being compromised.
The token â known as GRIMACE â hit a $25 million market capitalization within two hours of its initiate sooner than it became once rugged and lost bigger than 95% of its fee.
The scammers, who identified themselves as “India_X_Kr3w,” command to possess snagged roughly $700,000 from merchants who believed the memecoin became once an legit McDonald’sâ token.
GRIMACE became once deployed through Pump.fun and quickly reached the bonding curve limit to be deployed on Raydium.
Particularly, DEX Screener data reveals that the token managed to amass nearly $20 million in trading volume within two hours. Furthermore, merchants appear to withhold betting on the token, as the liquidity from the pool on Raydium is increasing irrespective of the rug pull.
It took nearly two hours for McDonald’s to enhance find admission to to the fable, and all posts linked to the memecoin were deleted as of press time.Â
Memecoin frenzy continues
In keeping with Solscan, a day by day moderate of over 17,400 tokens were deployed on Solana within the previous 23 days, indicating that the memecoin frenzy is quiet in fats swing on the community.
Most of this intense memecoin creation is also attributed to Pump.fun, particularly after the platform slashed its charges for token creation whereas including a 0.5 SOL reward for tokens that are efficiently launched on Raydium.
Despite the platform’s handiest efforts, the so-known as “trenches” are quiet vicious. In keeping with a Dune Analytics dashboard created by user evelyn233, handiest 1.39% of over 1.8 million tokens created up to now on Pump.fun possess efficiently carried out the bonding curve.
This implies that virtually about 99% of all memecoins created on the Solana-basically based market fizzled out and left merchants with losses. In the period in-between, Pump.fun’s income in charges stands at roughly 645,580 SOL, the same to nearly $100 million.
Which capability, Solana dominated the monthly traded volume registered by DEXs in July, hitting $57.3 billion â surpassing Ethereum by nearly $3 billion.
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Gino Matos
Gino Matos is a rules college graduate and a seasoned journalist with six years of skills within the crypto replace. His skills basically specializes within the Brazilian blockchain ecosystem and trends in decentralized finance (DeFi).
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his abilities worldwide for over a decade. Specializing in financial journalism, he now specializes in crypto reporting.
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Solana is a excessive-performance blockchain platform that makes use of a diversified consensus algorithm known as “Proof of History” to cease immediate transaction speeds and low charges.
Ethereum is a decentralized, initiate-source blockchain platform that allows the creation of clean contracts and decentralized functions (DApps).
Raydium is an automated market maker (AMM) and liquidity supplier constructed on the Solana blockchain for the Serum decentralized replace (DEX).
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