Illustration by Mitchell Preffer, Decrypt
This week, the corruption of cryptocurrencies has reached far-reaching levels, from the highest echelons of corporate America to the heart of the presidential campaign.
On Wednesday, McDonald’s, the world’s largest restaurant chain, discovered that its social media operations had been infiltrated by an unwelcome – and very hilarious – group of cryptocurrency bandits who had used the company’s Instagram account to pump, then quickly dump, Grimms-themed meme coins.
The hackers gained access to the social media accounts of a senior marketing director at McDonald’s, making it appear as though the $207 billion publicly traded company was “experimenting” with the Solana meme coin launched on Pump.fun. Soon after, the hackers stole the tokens and proudly showed off their roughly $700,000 loot to the world.
Of course, crypto Twitter never tired of the tale, thanks to McDonald’s unique place in crypto meme lore.
But as silly as the attack was, one of the world’s largest companies was promoting a fraudulent crypto token on its major social media pages for over an hour, leading some influencers to try and press the notoriously settlement-averse company (jokingly or not) about potential liability.
Dear @McDonald’s,
I lost $1,500 today in fraudulent cryptocurrency coins posted on your Instagram page
As a victim of this fraud, I would really appreciate some kind of compensation.
We can solve this in a way that satisfies everyone!
Please let us know!
ash pic.twitter.com/edvkuYYm1u
โ Ash Robin ๐ถ (@ashrobinqt) August 21, 2024
In the political sphere, the cryptocurrency community was once again immersed in US presidential election excitement on Friday after pro-cryptocurrency candidate Robert F. Kennedy Jr. suspended his campaign and endorsed former President Donald Trump, who himself had actively courted the cryptocurrency industry this summer.
RFK Jr. dropped out of the election today and endorsed Trump. Trump crushed Kamala at the polls. Trump cut taxes, zero tax rates, and created a strategic Bitcoin reserve. BTC soars to $315K. Top miners up 10x from here. Yacht parties, Lamborghinis, new girlfriends. The end.
โ Mike Alfred (@mikealfred) August 23, 2024
Some crypto-related Twitter users speculated that Kennedy could become a crypto advocate in the White House if Trump is re-elected.
RFK backed down and endorsed Trump.
Will he have any role in the Trump administration regarding cryptocurrencies?
โ RYAN SฮAN ADAMS – rsa.eth ๐ฆ (@RyanSAdams) August 23, 2024
Crypto advocates seem especially excited by the news given the perceived lack of support for digital assets across both parties. As the Democratic National Convention kicked off in Chicago on Monday, it was revealed that the party platform contained no mention of crypto policy, sparking outrage on crypto Twitter.
Donald Trump is pro-cryptocurrency.
RFK Jr. is a proponent of cryptocurrency.
Meanwhile, the Democrats:
– Build an anti-crypto army
– Operation Chokepoint 2.0 Execution on Crypto Assets
If you want cryptocurrencies to thrive in America, choose wisely.
โ Lark Davis (@TheCryptoLark) August 22, 2024
However, this week, a senior adviser to Kamala Harris stressed that the Democratic candidate would support policies to nurture the cryptocurrency industry if she wins the presidential election in November.
Though he certainly has a low profile on crypto Twitter, the vice president’s supporters jumped on the news as evidence that there are alternatives to Trump, even for crypto enthusiasts.
People are also dismissing this as if Nelson was some kind of aide.
He is a senior policy adviser to Harris and Under Secretary for Counterterrorism and Financial Intelligence at the U.S. Treasury Department.
It’s *big* that Harris says he wants a positive relationship with cryptocurrency.
This is it… https://t.co/IcILasuSLK pic.twitter.com/sGHnOid3Bm
โ Adam Cochran (adamscochran.eth) (@adamscochran) August 21, 2024
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