A new meme coin named PHIL, connected to the Ethereum Genesis block, launched on August 28 and gained significant traction on Uniswap V2 within hours. The PHIL token, which was funded by a wallet originating from Ethereum’s Genesis block in 2015, reached a market capitalization exceeding $125 million after its launch. The token surged to $0.12 initially before dropping to $0.067, driven by a high volume of trading activity from various traders and large holders. The wallet linked to the token’s launch, initially funded with 2,000 ETH from the Genesis block, contributed a significant portion of its assets to the PHIL token’s liquidity pool.
On the same day, scammers hacked McDonald’s official Instagram account to promote a Solana-based meme coin scam called “GRIMACE.” During the hack, the scammers claimed to have stolen $700,000 from users and boasted about conducting a “rug pull” organized by India_X_Kr3w. This type of fraud involves creating fake tokens and then abruptly withdrawing funds, leaving investors with worthless assets. The hackers utilized this method to artificially inflate the GRIMACE token’s market cap to $20 million within 30 minutes of the hack. However, after selling off their holdings, the market cap dropped to below $600,000, causing financial losses for investors. McDonald’s managed to regain control of its Instagram account, but not before significant harm was done.
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The launch of the PHIL token marked a swift rise to the top of Uniswap’s trading charts, propelled by the connection to the Ethereum Genesis block and the significant support it garnered within a short time frame. Despite the initial surge in value, the token’s price eventually settled at $0.067 after peaking at $0.12. The trading activity surrounding PHIL reflected a mix of individual traders and major holders engaging with the token, contributing to its market momentum. The involvement of the wallet funded by the Genesis block in the PHIL token’s liquidity pool further enhanced its visibility and trading potential.
The GRIMACE scam involving a Solana-based meme coin exploited McDonald’s official Instagram account to deceive users and promote a fraudulent token. The scammers, who claimed to have stolen a substantial amount from investors, utilized the “rug pull” technique to manipulate the market cap of the GRIMACE token and then quickly dispose of their assets. This unethical practice resulted in a rapid decline of the market cap, causing losses for those who fell victim to the scam. Despite the swift actions taken by McDonald’s to regain control of its social media account, the incident underscored the vulnerabilities present in the crypto space and the risks associated with fraudulent activities. Through its reporting, Cryptonews aims to provide a comprehensive understanding of such events and offer valuable insights for investors and enthusiasts in the cryptocurrency ecosystem.
