McDonald’s hackers now make a whopping $700k in Solana after using the fast-food chain’s Instagram to promote a crypto in its network.
The hackers claim they targeted McDonald’s social media account and used it to promote a fake meme coin known as “GRIMACE” on the Solana network — a high-performance blockchain platform designed for decentralized cryptocurrencies.
In a timespan of 30 minutes, the fake token went from zero to a whopping $25 million in value before completely crashing, according to Cryptopolitan.
A classic ‘rug pull’ is when a security is ‘pumped’ and then ‘dumped’.
A screenshot circulating online shows the McDonald’s Instagram page showing its caption changed to: “Sorry mah n–ga you have just been rug pulled by India_X_Kr3w thank you for the $700,000 in Solana.”
The caption, which was visible to the more than 5.1 million Instagram followers of McDonald’s account, included an emoji depicting the flag of India.
McDonald’s said in a statement it was “aware of an isolated incident that impacted our social media accounts earlier today.”
“We have resolved the issue on those accounts and apologize to our fans for any offensive language posted during that time,” McDonald’s said.
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Also Read: Kamala Harris Is Now Proposing Raising Crypto Tax to 28%
Other Crypto News Today
75% of Bitcoin (BTC) has now been held for more than 6 months according to fresh on-chain data that has been released.
A recent analysis of Bitcoin’s blockchain activity reveals that a significant portion of the cryptocurrency, roughly three-quarters, has remained untouched for at least six months.
This data, gathered by the blockchain analytics platform Glassnode, indicates that a large amount of Bitcoin is being held long-term, suggesting a strong belief in the asset’s future value.
This trend is particularly noteworthy given the recent price decline of Bitcoin, which has fallen by 21% from its all-time high.
Just a week ago, only about 45% of Bitcoin was inactive for at least six months, showing a rapid increase in long-term holding.
This suggests that despite recent price fluctuations, many Bitcoin holders remain confident in the asset’s long-term potential.
The fact that a large portion of Bitcoin hasn’t moved in months suggests that many investors are treating it as a long-term investment, holding onto it with the expectation that its value will rise in the future.
This “hodling” behavior also has the effect of reducing the amount of Bitcoin available for trading.
With less Bitcoin available and demand remaining high, the price of Bitcoin could potentially increase.
Experts had recently touched on Bitcoin’s major drop, but the cryptocurrency has now recovered since it’s monthly lower levels.
At the time of this publication, Bitcoin (BTC) is trading at 59,036.50.
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Also Read: Here Is What Experts Are Now Saying About Bitcoin’s Plunge
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