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McDonald’s Instagram Account Hacked for $700k Rug Pull

Thursday. August 22 at 6:30 PM

1 min. read

Hackers breached McDonald’s Instagram account to execute a $700k rug pull scheme. The fast-food giant’s profile promoted a scam memecoin on Solana called GRIMACE, which quickly reached a $25 million market cap before plummeting by over 95%. The scammers, known as “India_X_Kr3w,” managed to swindle around $700,000 from investors who believed the memecoin was endorsed by McDonald’s. Despite the rug pull, the token amassed $20 million in trading volume within two hours. The incident highlights the ongoing memecoin frenzy on Solana, with Pump.fun being a major contributor. Pump.fun’s fee reduction and rewards for successful token launches on Raydium have fueled intense memecoin creation, although most tokens fail to complete the bonding curve. Solana’s dominance in DEX trading volume in July, surpassing Ethereum by $3 billion, underscores the platform’s growing popularity in the crypto space.

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Busy Week in Crypto Gaming

Monday. January 20 at 6:00 AM

The crypto and NFT gaming industry is bustling with activity, from game releases to token airdrops and more. Stay updated with Decrypt's This Week in Crypto Games roundup. Rumble Kong League has shifted to Ethereum's Ronin network, offering rewards for Ronin wallet holders. Farm Frens announced a final snapshot date for their upcoming token launch and airdrop, considering players' in-game achievements. In a chess exhibition, ChatGPT faced off against AI opponents like Stockfish, showcasing the intersection of AI and gaming. Additionally, Nifty Island introduced the AI Agent Playground, merging gaming and AI technologies. Norma Metaland's Burger IMXpress game is now available for play and NFT minting on Immutable, offering exclusive rewards. Dive into these stories and more for a weekend read on the latest in crypto gaming.

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Upcoming Token Unlocks in the Crypto Market

Sunday. January 19 at 3:00 PM

Token unlocks are events where previously restricted tokens are released, strategically scheduled by projects to manage market pressure and stabilize prices. Next week, several significant token unlocks are set to occur. ApeX Protocol, a decentralized platform for derivatives trading, will unlock 10 million APEX tokens on January 20. Ethena, a synthetic currency protocol, will release over 12 million ENA tokens on January 22 for ecosystem development. Immutable, a Layer-2 NFT scaling solution, will unlock 24.52 million IMX tokens on January 24. AltLayer, a protocol for Layer-2 solutions, will release over 240 million ALT tokens on January 25. Other projects like Eigen Layer, Moca Network, and Artificial Superintelligence Alliance will also have token unlocks. These events collectively exceed a value of $220 million. Readers are encouraged to verify information independently before making any decisions based on this content.

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SEC Lawsuit Against Nova Labs and Potential Changes Under New Leadership

Sunday. January 19 at 2:00 PM

The United States Securities and Exchange Commission (SEC) has initiated legal action against Nova Labs, the company responsible for the Helium Network, just before the departure of SEC chair Gary Gensler, a prominent crypto critic. The SEC claims that Nova Labs unlawfully sold investment products, such as cryptocurrency mining devices and a data-for-crypto trading program. These products were allegedly unregistered securities. Despite previous legal battles, including Ripple Lab's victory, the SEC continues to challenge such decisions. Nova Labs is also accused of misleading investors by falsely claiming partnerships with major companies. With new leadership at the SEC, there may be a shift in crypto enforcement cases, potentially dropping certain lawsuits. Reports suggest that the SEC might reconsider cases not involving fraud allegations, focusing on securities law violations only, under the new leadership post Trump's inauguration.

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Supporting LA Wildfire Victims Through Ethereum NFT Art

Saturday. January 18 at 11:00 AM

A charity NFT project was launched to support families affected by the Los Angeles wildfires. The 'I Heart LA' collection, curated by mmERCH, features digital artwork from seven artists including Larva Labs, Grant Yun, and Gremplin. Buyers of Ethereum NFTs will receive one of the seven new works. The art pieces can be purchased for 0.0069 ETH or around $24 until January 19. All proceeds will go to Baby2Baby, providing emergency supplies to displaced families. Colby Mugrabi, CEO of mmERCH, highlighted the impact of the wildfires on the community and the initiative to use blockchain technology for fundraising. The project aims to make a direct and immediate difference in supporting those affected by the devastating events in Los Angeles.

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