4 weeks ago
Fast nutrient concatenation McDonald’s’ Instagram illustration promoted a scam memecoin deployed connected Solana (SOL) aft being compromised.
The token — called GRIMACE — deed a $25 cardinal marketplace capitalization wrong 2 hours of its motorboat earlier it was rugged and mislaid much than 95% of its value.
The scammers, who identified themselves arsenic “India_X_Kr3w,” assertion to person snagged astir $700,000 from investors who believed the memecoin was an authoritative McDonald’s’ token.
GRIMACE was deployed via Pump.fun and rapidly reached the bonding curve bounds to beryllium deployed connected Raydium.
Notably, DEX Screener information shows that the token managed to amass astir $20 cardinal successful trading measurement wrong 2 hours. Additionally, investors look to support betting connected the token, arsenic the liquidity from the excavation connected Raydium is increasing contempt the rug pull.
It took astir 2 hours for McDonald’s to retrieve entree to the account, and each posts related to the memecoin person been deleted arsenic of property time.
Memecoin frenzy continues
According to Solscan, a regular mean of implicit 17,400 tokens were deployed connected Solana successful the past 23 days, indicating that the memecoin frenzy is inactive successful afloat plaything connected the network.
Most of this aggravated memecoin instauration tin beryllium attributed to Pump.fun, particularly aft the level slashed its fees for token instauration while adding a 0.5 SOL reward for tokens that are successfully launched connected Raydium.
Despite the platform’s champion efforts, the alleged “trenches” are inactive vicious. According to a Dune Analytics dashboard created by idiosyncratic evelyn233, lone 1.39% of implicit 1.8 cardinal tokens created truthful acold connected Pump.fun person successfully completed the bonding curve.
This means that astir 99% of each memecoins created connected the Solana-based marketplace fizzled retired and near investors with losses. Meanwhile, Pump.fun’s gross successful fees stands astatine astir 645,580 SOL, equivalent to astir $100 million.
As a result, Solana dominated the monthly traded measurement registered by DEXs successful July, hitting $57.3 cardinal — surpassing Ethereum by astir $3 billion.
The station Hackers compromise McDonald’s Instagram relationship to behaviour $700k rug pull appeared archetypal connected CryptoSlate.
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