**Hackers Hijack Binance Co-CEO Yi He's WeChat Account to Pump Memecoin**
In a shocking revelation, newly appointed Binance co-CEO and co-founder Yi He took to X (formerly Twitter) to share the distressing news that her WeChat account had been hijacked by hackers. The scammers used the compromised account to push a relatively unknown memecoin called Mubarakah (MUBARA), in what appears to be a classic pump-and-dump scheme.
According to Yi He, the hackers not only managed to gain control of her WeChat account but also successfully prevented her from regaining access. The phone number associated with the account was taken over, making it impossible for her to regain control or reset the password. "Do not buy memecoins from the hacker's posts," Binance co-founder Changpeng "CZ" Zhao warned in a subsequent tweet, emphasizing the importance of exercising caution on Web2 social media platforms.
Blockchain analytics firm Lookonchain has shed light on the extent of the damage caused by the breach. The attackers created two new wallets and spent a total of $19,479 in USDT across PancakeSwap and related routes to purchase 21.16 million MUBARA tokens ahead of the attack. Following the promotion of the memecoin on Yi's compromised WeChat account, the token saw an astonishing 800% price surge before plummeting as the hackers hastily offloaded their holdings.
According to Lookonchain data, the attackers have already sold 11.95 million MUBARA tokens for $43,520 in USDT following the price pump. They later swapped this amount for ether. The hacker still holds onto another 9.21 million tokens valued at around $31,000, netting profits of roughly $55,000, with the remaining stolen haul yet to be offloaded.
Yi He has since confirmed that her WeChat account had been successfully restored and the password changed through external verification. She warned that it is suspected that bad actors are continuously lurking by using feedback issues and seeking help to add her as a friend on the platform, urging users to exercise caution and avoid falling victim to similar scams.
The hack comes at an inopportune time for Binance, which appointed co-founder Yi He as the new co-CEO alongside Richard Teng just last week during its Blockchain Week in Dubai. It also marks a disturbing trend of hacking incidents targeting prominent players in the cryptocurrency space. Earlier this month, the official X account of the BNB Chain blockchain network was compromised, with hackers using it to spread phishing links targeting crypto wallets.
The incident highlights the need for increased vigilance and security measures on social media platforms. In October, hackers took over the official X account of the BNB Chain blockchain network, posting 10 phishing links that resulted in roughly $8,000 in user losses. Fortunately, all affected users were fully compensated by the company.