Binance co‑CEO Yi He’s WeChat hacked to pump MUBARA memecoin; attackers net ~$55k
Binance co‑CEO Yi He had an old, unused WeChat account hijacked on Dec. 9 and attackers used it to promote the memecoin MUBARA (Mubarakah). On‑chain analytics from Lookonchain show two newly created wallets quietly bought ~21.16 million MUBARA for about 19,479 USDT roughly seven hours before the WeChat posts appeared. Once the messages circulated among crypto contacts the token spiked from ~$0.001 to ~$0.008 within minutes, driving heavy trading on BNB Chain DEXs and lifting market cap briefly to about $8 million. The attackers sold 11.95 million MUBARA for ~43,520 USDT by the morning of Dec. 10 and still hold ~9.21 million tokens, implying realized and unrealized proceeds near $55,000. The price then plunged over 60%, leaving late buyers exposed. Binance founder Changpeng Zhao and Yi He warned users to ignore posts from the compromised account and avoid the token; Yi He said she no longer uses WeChat and lost control of the linked phone number. The incident highlights social‑engineering risks on Web2 platforms (notably WeChat), coordinated pump‑and‑dump tactics, and evidence of front‑running by traders who acted before public posts. Traders should avoid low‑liquidity memecoins, monitor on‑chain activity for pre‑mint or pre‑sell wallets, and treat unexpected endorsements on social platforms as likely scams.
Bearish
The news directly concerns a pump‑and‑dump of the specific token MUBARA and therefore implies a negative short‑term price impact for that asset. On‑chain evidence shows early wallets accumulated large positions before the public posts and attackers realized profits by selling into the spike; the token then plunged over 60% once selling pressure hit. For traders this signals heightened downside risk for MUBARA: liquidity was low, insider or front‑running activity preceded the promotional posts, and coordinated social‑media endorsement drove a transient, unsustainable price move. Short term: elevated volatility and likely further downward pressure as remaining holders may sell. Medium to long term: reputational damage and reduced investor trust in the token mean it is unlikely to recover materially absent new, credible fundamentals or on‑chain backing. Overall, this event is a cautionary example that memecoins promoted via compromised high‑profile accounts are high‑risk and typically bearish for the token involved.