Meme Coin Chaos: Yi He’s WeChat Account Hijacked for Crypto Pump-and-Dump

TLDR

• Hackers hijack Binance’s Yi He’s account to pump MUBARA coin, causing chaos.
• Yi He’s WeChat hack leads to $55K profit from MUBARA coin pump-and-dump.
• Binance warns users after Yi He’s account is exploited for MUBARA promotion.
• Hackers exploit Yi He’s social media to inflate MUBARA coin prices in a scheme.
• Yi He’s WeChat breach highlights Web2 social media security risks in crypto.

The WeChat account of Binance’s newly appointed co-CEO, Yi He, was recently compromised. Hackers used the account to promote a little-known meme coin, Mubarakah (MUBARA), triggering a sudden price surge. The attackers used Yi He’s name to create a fake endorsement, which led to a pump-and-dump scheme on decentralized exchanges.

Attackers Exploit Yi He’s Account to Fuel the Meme Coin Surge

The breach occurred late on a Tuesday, with the hackers using Yi He’s account to circulate endorsements for MUBARA. As news of the promotion spread, it created a fear of missing out (FOMO) among traders. The price of the token skyrocketed, driven by the flood of retail buyers reacting to the apparent endorsement from Yi He.

Binance founder Changpeng Zhao alerted users to the hack, warning them not to engage with the posts. Zhao emphasized the vulnerability of Web2 social media security, stating that it is not as strong as it should be. He also advised followers to stay cautious and refrain from promoting meme coins, including MUBARA.

Mubarakah (MUBARA) Token’s Price and Volume Surge Amid the Hack

As the WeChat promotion spread, attackers quickly set up new wallets to buy MUBARA using decentralized exchanges like PancakeSwap. They spent a total of 19,479 USDT to purchase approximately 21.16 million tokens. Within hours, the price of MUBARA surged, with trading volumes spiking sharply as more traders joined the hype.

Once the price reached a certain level, the attackers began selling their holdings into the market rally. They sold around 11.95 million MUBARA for 43,520 USDT, leaving them with 9.21 million tokens. The total profit from this pump-and-dump scheme is estimated at around $55,000, with more tokens left to sell.

Yi He Responds to the WeChat Hack: Personal Account Taken Over

Yi He confirmed that she had not used her WeChat account in years and was unaware of the breach. The attackers had seized control of the phone number linked to her account, making it impossible for her to regain access. The hack occurred shortly after her promotion to co-CEO of Binance, which marked a significant leadership change at the company.

Binance co-founder Richard Teng praised Yi He’s leadership and her contributions to shaping the exchange’s vision and culture. He emphasized that her promotion was a natural progression for the company as it strives to reach one billion users. Despite the hack, Yi He’s track record at Binance remains solid, with her work central to the exchange’s growth and direction.

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