Binance Co-Founder’s WeChat Hacked to Promote Meme Token Mubarakah
Shortly after being named Binance co-CEO, Yi He’s compromised WeChat account was used in a pump-and-dump scheme, manipulating Mubarakah token prices for attacker profits.
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Summary
Binance founder Changpeng Zhao reported that newly appointed co-CEO Yi He’s WeChat account was hacked and used to promote the little-known meme token Mubarakah, triggering a pump-and-dump scheme. On-chain data shows two wallets acquired 21.16 million MUBARA tokens for 19,479 USDT via PancakeSwap before selling 11.95 million for 43,520 USDT. The attacker still holds 9.21 million tokens worth approximately $31,000, bringing profits near $55,000. The breach occurred less than a week after Yi He’s appointment, with Binance warning users to ignore the false endorsements.
Terms & Concepts
- Meme Token: A cryptocurrency inspired by internet memes or jokes, often highly speculative and volatile.
- USDT: A stablecoin pegged to the U.S. dollar, used widely for trading and transferring value in the crypto market.
- Pump-and-Dump Scheme: A form of market manipulation where the price of an asset is artificially inflated through false or misleading statements before being sold off for profit.