Binance co-CEO Yi He’s WeChat account hacked to promote and profit from memecoin

Binance co-CEO Yi He’s WeChat account was hacked early Wednesday, with the attacker using the platform to promote and profit from a BNB Chain-based memecoin called Mubarakah.

“My WeChat got hacked,” Yi He posted to X, explaining that she had long abandoned the account, but the associated phone number was seized for the attack and it could not initially be recovered.

“Do not buy memecoins from the hacker’s posts,” Binance co-founder Changpeng “CZ” Zhao added. “Web2 social media security is not that strong. Stay safu!”

Onchain analyst Lookonchain also noted the incident, highlighting that the hacker had created two new wallets and spent $19,479 in USDT to buy 21.16 million Mubarakah ahead of the attack. After posting about the memecoin on Yi He’s WeChat account, the token surged around 800% before crashing as the hacker offloaded, per DEX Screener.

Following the price pump after the fake endorsement, the hacker sold 11.95 million Mubarakah for over $43,000 in USDT, which was later swapped for ETH, per Arkham data. They still hold 9.21 million Mubarakah, collecting a total profit of around $55,000, Lookonchain said.

Attackers Mubarakah buys and sells. Image: Lookonchain/DEX Screener.

Yi He later confirmed her WeChat account had been recovered, with the password changed through external verification. “It is currently suspected that bad actors are continuously lurking by using feedback issues and seeking help to add me as a friend,” she said. “Thank you, everyone, for spreading the word to each other to avoid more people falling victim to scams.”

Yi He’s co-CEO appointment

The attack comes just one week after Binance appointed co-founder Yi He as its new co-CEO alongside Richard Teng during Binance Blockchain Week in Dubai.

That marked the biggest change to the crypto exchange’s leadership structure since Teng stepped into Changpeng “CZ” Zhao’s shoes in November 2023 following U.S. enforcement actions.

Yi He previously held the role of Chief Customer Service Officer at Binance, having been involved in the company’s operations for over eight years since its 2017 formation.