Binance co-founder Yi He’s WeChat account was hacked and used to promote a fraudulent meme token scheme, which generated approximately $55,000 in profits for the attacker.
The incident comes only days after the Binance executive was appointed co-CEO alongside Richard Teng.
Yi He’s WeChat Account Hack
The breach was publicly confirmed by Binance founder Changpeng Zhao (CZ), who warned users to be cautious of any token promotions tied to the compromised account.
The attacker allegedly used the hijacked account to promote a token called Mubarakah, triggering a quick surge in its price as unsuspecting users rushed in.
Blockchain security firm PeckShield confirmed that the episode followed the classical mechanics of a pump-and-dump scheme.
“A hacker compromised Yi He’s WeChat to run a Mubarakah pump & dump scheme, netting ~$55,000,” PeckShield said, warning traders to avoid unverified social media shilling and FOMO-driven decisions.
On-chain data provided by Lookonchain further detailed how the operation unfolded. According to the firm, the hacker created two new wallets approximately seven hours before launching the promotion.
Additionally, the attacker spent 19,479 USDT to acquire 21.16 million Mubarakah tokens before public posts from Yi He’s compromised account sent the price sharply higher.
As the token spiked, the hacker offloaded 11.95 million Mubarakah for 43,520 USDT. They locked in profits while retaining a remaining balance valued at around $31,000. Combined, the realized and unrealized gains were estimated at roughly $55,000.
Yi He Addresses Incident, but Mubarakah Token Rallies Almost 400%
Binance co-CEO Yi He has also acknowledged the incident. However, she has alluded to no longer using the WeChat account for a while now.
“WeChat was abandoned long ago, and the phone number was seized for use. It cannot be recovered at present,” she stated.
The breach comes just days after Yi He’s appointment as Binance Co-CEO. This has intensified scrutiny over how cybercriminals exploit high-profile figures to amplify the credibility of scams.
While the exploit did not involve Binance’s core systems or user funds, it highlights how external social platforms remain the weakest link in crypto security.
Scammers increasingly rely on impersonation, account takeovers, and coordinated social engineering to drive rapid speculative buying in low-liquidity meme tokens. Once prices peak, the attackers exit, leaving retail traders with steep losses.
As of this writing, Mubarakah price was trading for $0.003, up by almost 400% in the last 24 hours.
CZ emphasized that even prominent executives are not immune to Web2 vulnerabilities. Based on this, the crypto executive articulated the need for users to verify all token promotions independently.
“Web 2 social media security is not that strong. Stay safu!” CZ warned.
As investigations continue, the episode serves as a reminder that in today’s fast-paced meme coin economy, social media hype can be weaponized within minutes, transforming trusted accounts into high-impact tools for financial deception.
