Illustration by Mitchell Preffer for Decrypt
This week saw crypto degeneracy spread its tendrils far and wide—from the upper echelons of corporate America, to the center of the presidential election.
On Wednesday, the world’s largest restaurant chain, McDonald’s, found its social media operation infiltrated by an unwelcome—and exceptionally merry—group of crypto bandits, who used the company’s Instagram account to pump, and soon thereafter dump, a Grimace-themed meme coin.
It appears the hackers gained access to the social media accounts of a senior McDonald’s marketing director, and then made it appear that the $207 billion, publicly traded company was “experimenting” with a Solana meme coin launched on Pump.fun. In short order, the hackers then rugged the token, proudly flaunting their booty haul of roughly $700,000 to the world.
Crypto Twitter, of course, couldn’t get enough of the saga, particularly thanks to the distinctive place of McDonald’s in crypto meme lore.
As goofy as the attack was, however, one of the biggest companies in the world did have its primary social media page promoting a scam crypto token for well over an hour. Some influencers attempted to prod the famously settlement-averse corporation (perhaps jokingly, perhaps not) about potential liability.
Dear @McDonalds,
Today I lost $1,500 from a scam crypto coin that was launched and posted on your instagram page
I would really appreciate if I could get some compensation from being a victim of this scam
We can settle this in a way so everyone is happy!
Let me know!
Ash pic.twitter.com/edvkuYYm1u
— AshRobin 🐶 (@ashrobinqt) August 21, 2024
In the political realm, the cryptoverse got yet another infusion of U.S. presidential election-related excitement on Friday, when pro-crypto candidate Robert F. Kennedy, Jr. suspended his campaign and endorsed former president Donald Trump, who has aggressively courted the industry himself this summer.
RFK Jr drops out and endorses Trump today. Trump smokes Kamala at the polls. Trump lowers taxes, takes rates to zero, and creates a strategic Bitcoin reserve. BTC moons to $315,000. The best miners 10X from here. Yacht parties, Lambos, and new girlfriends. The End.
— Mike Alfred (@mikealfred) August 23, 2024
Some Crypto Twitter standbys speculated whether Kennedy might advocate for crypto from within the White House should Trump win a second term.
RFK just withdrew and endorsed Trump.
I wonder if he’d play a role in a Trump administration for crypto?
— RYAN SΞAN ADAMS – rsa.eth 🦄 (@RyanSAdams) August 23, 2024
Crypto advocates appeared particularly excited by the news given a perceived lack of support of digital assets across the aisle. On Monday, as the Democratic National Convention kicked off in Chicago, Crypto Twitter stewed when it was revealed that the party’s platform made no reference to crypto policy.
Donald Trump is pro-crypto.
RFK Jr. is pro-crypto.
Meanwhile, the Democrats:
– Have an anti-crypto army
– Carrying out Operation Chokepoint 2.0 against crypto
If you want crypto to thrive in America, choose wisely.
— Lark Davis (@TheCryptoLark) August 22, 2024
But this week, a senior advisor to Kamala Harris made a point to emphasize that the Democratic nominee will support policies to foster the cryptocurrency industry, should she win the presidency come November.
Though certainly a less prominent breed on Crypto Twitter, supporters of the Vice President jumped on the report as validation that there are alternatives to Trump, even for diehard crypto advocates.
People also brushing this off as if Nelson is some random aide.
He’s Harris’ senior policy advisor and the under secretary for Terrorism and Financial intelligence at the US Treasury.
Him saying Harris wants a positive relationship with crypto is *big*
This is the exact kind… https://t.co/IcILasuSLK pic.twitter.com/sGHnOid3Bm
— Adam Cochran (adamscochran.eth) (@adamscochran) August 21, 2024
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Source: https://decrypt.co/246248/this-week-on-crypto-twitter-mcdonalds-gets-rugged-rfk-backs-trump
