The hacker hijacked Binance founder Yi He's WeChat account and executed a pump-and-dump scam with the Mubarakah token, generating approximately 55,000 dollars in profit.
This data breach raises growing concerns about the manipulation of cryptocurrency markets through hijacked social media accounts. Security analysts quickly tracked the hacker's movements and revealed the details of the scam operation.
Coordinated exploitation targets the social platform of the Binance executive.
The hacker gained access to Yi He's WeChat account and published promotional content about the Mubarakah token. Yi He is the founder of Binance, and it is the world's largest cryptocurrency exchange by volume.
Changpeng Zhao confirmed the data breach and urged caution. He noted that traditional social media platforms lack strong security.
“Someone hacked @heyibinance's WeChat account. Do not buy meme coins from the hackers' posts. The security of Web 2 social media services is not very strong. Stay safe!” he wrote.
The blockchain analytics company Lookonchain tracked the hacker's activities. The attacker created two new wallets about seven hours ago and used 19,479 USDT to acquire 21.16 million Mubarakah tokens at a low price.
After the fraudulent message released from Yi He's hijacked account, the price of Mubarakah rose rapidly. GeckoTerminal data showed that the price surged to $0.008 during the early Asian trading hours today. The increase was nearly 200%, and the token reached a new all-time high.
The hacker sold 11,950,000 tokens for 43,520 USDT, and the remaining 9,210,000 tokens are valued at approximately $31,000. The used wallet addresses were: 0x6739b732C14515997Caa8deCb6C047dc1c02Fb9c and 0xD0B8Ea6AF32A4F44Ed7F8A5E4E7b959239f5AE1D.
“Be cautious of unverified advertising on social media and avoid FOMO to not fall victim to such scams,” PeckShieldAlert added.
