Dogecoin founder has had his say on the McDonald’s crypto scam. Yesterday, the official Instagram account of McDonald’s fell victim to a hack, promoting a fraudulent meme cryptocurrency on the Solana blockchain. The token, tied to the iconic Grimace character from McDonald’s lore, quickly gained traction, raising alarms within the crypto community.

Dogecoin founder, Shibetoshi Nakamoto Weighs In

Billy Markus, the creator of Dogecoin, also known as Shibetoshi Nakamoto, did not hold back in his assessment of the situation. Reacting swiftly, Markus labeled the scam as “really really really stupid.” His blunt response underscores the frustration felt by many in the crypto space, where scams have become an all-too-common occurrence.

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According to Markus, those who bought into the Grimace token either knew they were playing a dangerous game—hoping to exit before the inevitable rug pull—or were simply naive. In his words, the whole situation is “pretty stupid,” a sentiment that resonates with many seasoned investors who have seen similar schemes unfold.

Details of the Scam

The hack wasn’t just limited to McDonald’s Instagram. The attackers also compromised the X account of the fast-food giant’s marketing director to spread the fraudulent token further. By doing so, they managed to deceive a significant number of users. The scam token’s market capitalization surged to an astonishing $30 million, with the perpetrators walking away with about $700,000.

McDonald’s has yet to issue a statement, but the fraudulent posts have since been removed. However, the incident highlights a growing trend where even major corporate accounts are not immune to such attacks.

The Larger Implications for Dogecoin and Crypto

This incident is not just a one-off event but part of a broader issue plaguing the crypto industry. For Dogecoin, a cryptocurrency born out of a meme, this scam touches on a deeper concern: the exploitation of meme culture for fraudulent purposes. While Dogecoin has built a legitimate community and utility, scams like the Grimace token threaten to undermine the trust in meme-based projects.

Conclusion

The McDonald’s Instagram hack and the ensuing Grimace token scam serve as a cautionary tale for the crypto world. Dogecoin’s creator, Billy Markus, has made it clear that these types of scams are not only foolish but damaging to the broader crypto ecosystem. As the crypto market continues to grow, so too does the need for increased awareness and caution.