McDonald's Instagram Hack Nets $700K in Solana Scam

Hackers used McDonald's Instagram to promote a fake Grimace-themed memecoin, leading to a $700,000 Solana heist before the scam was shut down.

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Steven Walgenbach
August 22, 2024

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Breaking Crypto Stories

Here are the top stories today:

  • McDonald's Instagram Hack Leads to $700,000 Solana Scam

  • Kamala Harris to Support Pro-Crypto Policies if Elected President

  • Binance to Expand Workforce Amid Heightened Regulatory Scrutiny

📷️ McDonald's Instagram Hack Leads to $700,000 Solana Scam

Scammers hacked McDonald’s official Instagram on Aug. 21, promoting a fake memecoin called "Grimace," resulting in a $700,000 Solana scam.

  • Hackers used McDonald’s Instagram to promote a fraudulent memecoin named "Grimace," claiming it was a McDonald’s experiment on Solana.

  • The hackers controlled 75% of the token’s supply and inflated its market capitalization to $25 million within 30 minutes before selling off their holdings.

  • The scam led to the token's value plummeting to $650,000 within 40 minutes, with hackers profiting approximately $700,000 in Solana.

🇺🇸 Kamala Harris to Support Pro-Crypto Policies if Elected President

Kamala Harris’s campaign signals support for digital asset industry growth, advocating for clear regulations and policies favoring emerging technologies.

  • A senior campaign adviser stated that Kamala Harris would support policies to foster growth in the digital asset industry if elected president.

  • Harris’s campaign, unlike Republican candidate Donald Trump’s, has largely remained silent on crypto policy but indicates potential support.

  • The aide emphasized the need for "rules of the road" in response to past industry collapses, hinting at the FTX scandal.

📈 Binance to Expand Workforce Amid Heightened Regulatory Scrutiny

Binance plans to expand its workforce by 1,000 employees, with a significant focus on bolstering its compliance team, as the crypto exchange navigates ongoing regulatory challenges and global law enforcement requests.

  • Binance aims to add 1,000 employees by the end of 2024, focusing on expanding its compliance team from 500 to 700 members.

  • The exchange is expected to spend over $200 million this year on regulatory compliance, including efforts in the U.S. following a plea deal with the DOJ.

  • Binance settled criminal charges with the DOJ in 2023, agreeing to pay $4.3 billion in penalties, and is also facing a separate lawsuit from the SEC.

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Ethereum (ETH)

4-hour chart for ETH/USDT

Price Movements: ETH on the 4-hour chart shows mixed signals, with the price fluctuating without a clear directional trend. The market appears to be in a consolidation phase, reflecting uncertainty among traders.

Key Levels To Watch: Resistance levels to watch are $2672.2, $2674.81, and $2677.79, where a breakout could signal a bullish trend. On the downside, key support levels are $2584.53, $2572.82, and $2557.82, where a break could indicate bearish momentum.

Trade Strategies: Traders should approach the market cautiously. For long trades, consider entering on a breakout above $2672.2 with tight stop-losses. For short trades, look for opportunities below $2584.53, also with tight risk management.

Fantom (FTM)

4-hour chart for FTM/USDT

Price Movements: FTM has been showing strong bullish momentum on the 4-hour chart, with consistent upward movement supported by the 9 EMA crossing above the 20 EMA. This suggests the market is gaining strength, and the MACD further confirms this with increasing buying pressure and a positive histogram.

Key Levels To Watch: Traders should monitor key resistance levels at $0.4659, $0.4698, and $0.4717, as a break above these points could lead to further gains. On the downside, important support levels to watch are $0.451, $0.4455, and $0.4442, which could serve as entry points in the event of a pullback.

Trade Strategies: For long trades, consider entering near the support levels with a stop-loss just below $0.4442 and targeting the resistance levels. Short traders might look to enter if the price fails to break above $0.4659, with a stop-loss above $0.4717 and targeting the support zones.

Polygon (MATIC)

4-hour chart for MATIC/USDT

Price Movements: MATIC has shown strong bullish momentum on the 4-hour chart, with prices rising from $0.4855 to a recent high of $0.5393. The trend is supported by positive technical indicators, suggesting that the bullish sentiment could continue in the near term.

Key Levels to Watch: The price is approaching resistance at $0.5345, with further resistance levels at $0.5413 and $0.5483. On the downside, support levels to monitor are at $0.5273, $0.5265, and $0.5222, which could act as potential entry points for long trades or exit points for short positions.

Trade Strategies: For bullish traders, a break above $0.5345 could signal an entry opportunity, with targets at $0.5413 and $0.5483. For bearish traders, short positions might be considered if the price breaks below $0.5273, with stop-loss orders placed just below key support levels to manage risk.

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