McDonald’s Instagram account hacked by promoters of Grimace coin

Crypto-related scams and frauds are an area of significant concern for regulators, and users on social media platforms have been repeatedly targeted in these schemes. — Reuters

McDonald’s Corp’s account on Instagram was hacked Aug 21 in an apparent scam involving a cryptocurrency named after Grimace.

Screenshots published by an X user showed a post on the chain’s Instagram leading to a “McDonald’s experiment” on the blockchain platform Solana. Another encouraged users to post whether they owned a coin named after Grimace, the chain’s purple character, before an image emerged saying participants had been scammed out of US$700,000 (RM3.05mil).