WeChat Hack Targets Crypto Users With False Memecoin Endorsements
A security breach involving the compromised WeChat account of Binance’s newly appointed co CEO Yi He has triggered a memecoin pump-and-dump schemebriefly driving speculative frenzy around an obscure token known as MUBARA. The incident highlights the persistent risks of social-media-driven manipulation in the digital asset market.
Yi He, elevated to co CEO less than a week ago, became the target of attackers who seized her inactive WeChat account and used it to issue fraudulent promotions. The messages falsely implied her endorsement of the MUBARA memecoin generating rapid retail interest before the token price abruptly collapsed.
Hackers Exploited Social Channels to Boost MUBARA
Binance founder Changpeng Zhao warned users that the posts were unauthorized, noting that the attackers used the compromised account to create artificial demand. He urged the community to ignore the circulated messages, adding that Web2 communication platforms remain vulnerable to takeover.
Yi He clarified that she no longer uses WeChat and that the phone number linked to the account had been hijacked, preventing her from regaining control.
On-chain activity shows the scheme unfolding in real time. Analytics trackers identified two wallets accumulating 21.16 million MUBARA tokens by spending 19,479 USDT across decentralized exchanges. As the fraudulent promotions spread, liquidity and pricing surged sharply before the wallets began liquidating their positions.
The attackers have already sold 11.95 million tokens for 43,520 USDT, retaining another 9.21 million tokens valued at roughly $31,000, leaving estimated profits near 55,000 USDT with additional inventory still unsold.
The sequence mirrors a known pattern in memecoin exploitation: buy early trigger hype using a trusted identity, then sell into the spike, leaving late participants exposed to immediate losses. Binance has not issued further comment beyond the warnings from Zhao and Yi He.
The incident underscores ongoing vulnerabilities in widely used communication platforms and the ease with which attackers can weaponize compromised accounts to manipulate thinly traded tokens.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.