beincrypto.com
A hacker hijacked the WeChat account of Binance co-founder Yi He to carry out a pump-and-dump scheme involving the Mubarakah token, generating roughly $55,000 in profits.
This breach highlights rising concerns about the manipulation of cryptocurrency markets through compromised social media accounts. Security analysts swiftly tracked the hacker’s transactions, uncovering the details of the fraudulent operation.
Coordinated Exploit Targets Binance Executive’s Social Platform
The hacker accessed Yi He’s WeChat account and posted promotional content about the Mubarakah token. Yi He is the co-founder of Binance, the world’s largest cryptocurrency exchange by volume.
Changpeng Zhao confirmed the breach and urged caution. He pointed out that traditional social platforms lack strong security .
“Someone hacked @heyibinance’s WeChat account. Do not buy meme coins from the hackers posts. Web 2 social media security is not that strong. Stay safu!” he posted.
Blockchain analytics firm Lookonchain traced the hacker’s actions. The attacker created two new wallets roughly seven hours ago, using 19,479 USDT to acquire 21.16 million Mubarakah tokens at low prices.
Following the fraudulent post from Yi He’s compromised account, Mubarakah’s price soared. Data from Geckoterminal showed that the price surged to a high of $0.008 in early Asian trading hours today, marking a pump of nearly 200% and a new all-time high for the token.
The hacker sold 11.95 million tokens for 43,520 USDT, with the remaining 9.21 million tokens worth approximately $31,000. The wallets used were: 0x6739b732C14515997Caa8deCb6C047dc1c02Fb9c and 0xD0B8Ea6AF32A4F44Ed7F8A5E4E7b959239f5AE1D.
“Please stay vigilant against unverified shilling on social media and avoid FOMO to prevent falling victim to such schemes,” PeckShieldAlert added.