Binance Co-CEO WeChat Account Hacked in MUBARA Memecoin Pump-and-Dump Scheme
TLDR
- Binance co-CEO Yi He’s WeChat account was hacked on Tuesday and used to promote a memecoin called MUBARA in a pump-and-dump scheme
- The attackers created two new wallets and spent 19,479 USDT to buy 21.16 million MUBARA tokens before the fake endorsement spread
- Trading volume and price spiked sharply on decentralized exchanges as the fake promotion circulated through WeChat channels
- The hackers sold 11.95 million tokens for 43,520 USDT and still hold 9.21 million tokens worth around $31,000, making roughly $55,000 in profit
- Yi He said she no longer uses WeChat and the phone number linked to the account was taken over, preventing her from recovering access
Binance founder Changpeng Zhao warned users on Tuesday that the WeChat account of newly appointed co-CEO Yi He was compromised by hackers. The attackers used the account to promote a little-known memecoin in what became a pump-and-dump trading scheme.
Zhao posted on X urging followers to ignore any messages from the compromised account. He wrote that “Web2 social media security is not that strong” and told users not to buy memecoins from the hacker’s posts.
Yi He explained she stopped using WeChat years ago. She said the phone number tied to the account was taken over, which prevented her from regaining access.
The hack occurred less than a week after Binance elevated Yi He to co-CEO during the company’s Blockchain Week event. Co-founder Richard Teng described her as a driving force at the exchange since its beginning.
On-chain data reveals how quickly the social media breach turned into a trading exploit. Blockchain analytics account Lookonchain tracked two newly created wallets that accumulated roughly 21.16 million MUBARA tokens.
Early Token Purchases Before Fake Endorsement
The wallets spent 19,479 USDT to buy MUBARA tokens through PancakeSwap and related decentralized exchange routes. These purchases happened before the fake endorsement began spreading through WeChat channels.
MUBARA is a memecoin that trades on decentralized exchanges with limited prior trading activity. The token saw minimal attention before the hacked account began promoting it.
As the false endorsement circulated, trading volume and price spiked sharply on Dexscreener charts. Retail traders reacting to what appeared to be an endorsement from a top Binance executive began buying the token.
The attackers then started selling their position as fresh liquidity arrived. This followed a familiar pattern of buying early, creating artificial demand through a compromised high-profile account, and selling into the surge.
Attacker Profits From Market Manipulation
According to Lookonchain’s analysis, the attacker sold 11.95 million MUBARA tokens for 43,520 USDT. The hacker still holds another 9.21 million tokens worth roughly $31,000.
Current estimates put the profit near $55,000 with remaining inventory yet to be sold. The remaining holdings give the attacker additional room to sell if trading activity continues.
Late traders who bought based on the apparent endorsement were left exposed as the price reversed almost immediately. The selling began once enough liquidity entered the market.
Binance has not issued a separate statement beyond the warnings from Zhao and Yi He. The incident highlights security vulnerabilities in Web2 social media platforms that can be exploited for financial gain in crypto markets.
The post Binance Co-CEO WeChat Account Hacked in MUBARA Memecoin Pump-and-Dump Scheme appeared first on CoinCentral.
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