Hackers Compromise Binance co-CEO Yi He’s WeChat to Execute Coordinated MUBARA Memecoin Pump

Late on December 9th, a coordinated market manipulation scheme unfolded when hackers gained access to Binance co-CEO Yi He’s old WeChat account. The attackers immediately used the executive’s former platform to circulate messages promoting a memecoin called MUBARA, attempting a classic pump-and-dump.

The target was an unused account linked to an old, inactive phone number, which suggests a simple but effective social engineering attack rather than a sophisticated breach of the crypto exchange itself. This incident quickly drew the attention of the industry, particularly due to the prompt warnings issued by both Binance leadership figures.

Credit from ABC Crypto News

On-Chain Forensics: The Social Catalyst for the Price Surge

Blockchain analytics firm Lookonchain swiftly traced the scam’s mechanics. Their analysis revealed a meticulous sequence of events: approximately seven hours before the fraudulent WeChat posts appeared, two newly created wallets quietly acquired 21.16 million MUBARA tokens. They spent roughly 19,479 USDT in preparation.

The message from Binance co-CEO Yi He’s compromised account created instant demand, sending the MUBARA token price soaring from about $0.001 to $0.008 in minutes. This surge inflated the token’s market value to $8 million and created heavy trading volume on BNB Chain decentralized exchanges.

The Quick Exit and CZ’s Warning on Binance co-CEO Yi He’s Breach

As liquidity poured in, the wallets began selling. By the following morning, December 10th, the attackers had liquidated 11.95 million tokens for 43,520 USDT, securing an estimated profit near $55,000. After this coordinated sell-off, the token’s price predictably plummeted over 60%.

Binance founder Changpeng Zhao (CZ) publicly confirmed the breach, urging users to disregard the posts. He used the incident to issue a strong warning regarding the weak security standards inherent in Web2 social media platforms—a crucial vulnerability for high-profile crypto figures. Binance co-CEO Yi He’s team confirmed the account was abandoned and non-recoverable, asking followers to avoid any related token promotions.

This hack clearly demonstrates how influence, even via a legacy account, can be weaponized for quick market manipulation, underscoring the ongoing security risks that bridge traditional social media and the volatile crypto market.