- Yi He, new co-CEO of Binance, had her WeChat account hacked last week.
- The Hacker used her WeChat to promote a low-value memecoin called Mubarakah.
- Mubarakah’s market cap briefly rose from under $2 million to nearly $5 million due to the fake endorsement.
- Binance founder Changpeng Zhao (CZ) apologized for the incident, blaming weak Web 2 social media security.
- Yi He acknowledged the hack but did not apologize, explaining the phone number linked to her account could not be recovered.
Yi He, recently appointed co-CEO of Binance, experienced a takeover of her WeChat account last week. The hacker used her compromised account to promote and manipulate the price of a memecoin called Mubarakah.
According to an analyst, the hacker spent a few thousand dollars to purchase a large position in Mubarakah, whose market capitalization was under $2 million. Following the fraudulent WeChat endorsement, the coin’s market cap increased to about $5 million before the hacker sold off their holdings.
Neither Binance founder and former CEO Changpeng Zhao (CZ) nor Yi He have endorsed Mubarakah, a memecoin whose name is the feminine form of one of CZ’s tokens, Mubarak. CZ publicly apologized for the incident but attributed the breach primarily to weak security in Web 2 social media platforms like WeChat, stating on X: “Web 2 social media security is not that strong. Stay safu!”
In response to the incident, Yi He tweeted about the hack without issuing an apology. At 9:29 p.m. New York time on Tuesday, she simply stated in Chinese, “My WeChat was hacked.” In a follow-up message, she used passive voice and third person to distance herself from responsibility, explaining the cause: “WeChat was abandoned long ago, and the phone number was seized for use. It cannot be recovered at present.”
The memecoin’s value dropped 45% from its peak by the time of Yi He’s clarification and continued to decline afterward, impacting traders who trusted the hacked endorsement.
For more information, visit the original statements on X, Mubarak announcement, and CZ’s apology.
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