The crypto ecosystem has seen a surge in memecoins and their popularity over the past year. Still, the craze has ushered in a wave of scams and rug pulls targeting unsuspecting investors. The latest victim of this trend is the Solana-based GRIMACE coin, which was the subject of a rug pull.
GRIMACE Surges 400% After McDonald’s Instagram Hack
The incident began when hackers accessed the official McDonald’s Instagram account and used the platform to promote the GRIMACE token. The hackers spread misinformation, falsely claiming that McDonald’s had issued the GRIMACE memecoin on the Solana blockchain.
This had the desired effect, as investors rapidly piled into the GRIMACE token, driving its market capitalization from a modest $500,000 to a substantial $25 million in 30 minutes.
At its peak, the
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