Nikolas Sargeant
Binance founder Changpeng Zhao has alerted users that the WeChat account belonging to the exchange's newly appointed co-chief executive Yi He was compromised and exploited to promote a meme coin in what blockchain analysts have identified as a calculated pump-and-dump operation.
Zhao issued a public warning urging followers to disregard any cryptocurrency promotions appearing from Yi He's account, emphasizing vulnerabilities in traditional social media security infrastructure. "Web2 social media security is not that strong. Stay safu!" Zhao wrote, adding, "I hope the next one isn't my account. I haven't used WeChat for many years. I also won't directly promote any meme CA. Please everyone stay safe."
Yi He confirmed she discontinued using WeChat years ago and that the linked phone number had been taken over, preventing her from recovering account access. The incident occurred approximately one week after Binance elevated Yi He to co-CEO during a recent Binance Blockchain Week event, where co-founder Richard Teng described her as a "driving force since day one" instrumental in shaping the exchange's culture and strategic direction.
Blockchain analytics account Lookonchain traced the exploitation to a coordinated trading scheme centered on a little-known token called Mubarakah (MUBARA) trading on decentralized exchanges. According to on-chain analysis, attackers leveraged Yi He's compromised WeChat presence to manufacture artificial demand for the token through what appeared to be an executive endorsement from a senior Binance leader.
Two newly created wallets, established just hours before the scheme began, accumulated approximately 21.16 million MUBARA tokens through PancakeSwap and other decentralized exchange protocols, deploying 19,479 USDT in initial purchases. As the fake endorsement circulated through WeChat channels, traders responded to the apparent fear of missing out, triggering sharp increases in MUBARA's price and trading volume visible on Dexscreener charts.
Once sufficient liquidity entered the market from retail traders chasing the manufactured momentum, the controlling wallets began systematically selling into the rally. Lookonchain estimates the attacker has liquidated 11.95 million MUBARA for 43,520 USDT while retaining 9.21 million tokens valued at approximately $31,000, generating profits near $55,000 with additional holdings available for future sales.
The operation followed a classic front-running pattern: attackers accumulated positions before creating artificial demand through the compromised high-profile account, then distributed holdings into the resulting price surge, leaving subsequent buyers exposed to rapid price depreciation. The remaining token balance provides additional selling opportunities if trading activity persists.
The incident highlights ongoing security challenges facing cryptocurrency industry executives on traditional social media platforms, where account compromises can be weaponized to manipulate markets and exploit follower trust. Despite the cryptocurrency sector's emphasis on decentralized security models and blockchain-based authentication, executives remain vulnerable through conventional communication channels lacking comparable security infrastructure.
Yi He's promotion to co-CEO reflects Binance's leadership evolution as the exchange pursues expansion toward one billion users. Her role encompasses strategic oversight of user experience and organizational culture development, making the account compromise particularly damaging from a reputational perspective given her elevated public profile within the organization.
