Key Takeaways
- The dormant WeChat account of Binance’s Co-CEO was hacked and used to promote fraudulent memecoins.
- The hackers gained access through a reactivated number or SIM-swap attack.
- CZ urged the community to stay vigilant and never buy tokens based on social media posts.
Binance new Co-CEO Yi He’s WeChat account was hacked earlier on Dec. 9, as confirmed by Binance co-founder Changpeng Zhao (CZ) himself.
This is the second major WeChat compromise involving a prominent crypto figure in two months, after Tron founder Justin Sun reported a similar breach in November.
Hackers Gain Access to Binance Co-CEO’s WeChat Account
Yi He posted on X explaining that her dormant WeChat account had been hijacked through an old phone number, allowing scammers to slip into her contacts and send out fraudulent promotions.
Once inside, the attackers used her identity to shill the MUBARAKAH memecoin.
The fake endorsement triggered a rapid pump-and-dump, sending the token up more than 900% within hours and allowing the scammers to profit roughly $55,000.
The attackers created two wallets and spent 19,479 USDT to accumulate 21.16 million MUBARAKAH tokens at fractions of a cent.
The token briefly surged from $0.001 to $0.008, pushing its market cap above $8 million.
As the price peaked, the attackers sold 11.95 million tokens for 43,520 USDT, locking in most of their gains.
Both CZ and Yi He issued immediate warnings, pointing to vulnerabilities in Web2 social platforms.
The incident mirrors Justin Sun’s recent WeChat hack, highlighting persistent security risks for crypto executives on Chinese social platforms—even with two-factor authentication.
How Did Hackers Access the Co-CEO’s Account?
Social media users speculated that the breach stemmed from SIM-swap tactics or phone-number reuse.
Yi He’s old number had been reassigned, allowing attackers to bypass WeChat’s SMS-based two-factor authentication.
This is a known weakness in services that tie identity to mobile carriers rather than hardware-based security.
The hack affected only the dormant WeChat Moments feed.
Attackers gained no access to Binance’s internal systems, email, or active accounts.
Yi He clarified that she abandoned the WeChat account years ago.
The episode underscores how outdated Web2 accounts remain a major vulnerability for high-profile crypto leaders.
As CZ emphasized: “Web2 security is not that strong,” urging users to strengthen non-crypto account protections with hardware keys and stronger 2FA.
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Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
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