Hackers promoted a little-known cryptocurrency through the hacked account of the CEO of the Binance crypto exchange

Binance co-founder and co-CEO Yi He’s WeChat account was hacked and used to promote a fake meme coin called Mubarakah. The incident caused a short-term spike in the token’s price, on which the attackers earned about $ 55,000, according to Lookonchain analysts.

The hackers created two new crypto wallets and purchased more than 21 million Mubarakah tokens a few hours before the attack, spending 19,479 USDT. After the publication of a «recommendation» message on behalf of Yi He, the price of the coin increased, allowing the criminals to sell some of the assets for 43,520 USDT, leaving the remaining tokens on the accounts.

Yi He confirmed the hack, explaining that the old phone number linked to her account had been intercepted, which made it impossible to restore access immediately. Eventually, the account was returned, but she warned that fraudsters could continue to create fake profiles in her name.

The Binance CEO promised to compensate users who purchased meme-coin during the attack through Binance Web3 Wallet or the Alpha platform, promising to allocate a portion of BNB tokens for airdrops. At the same time, she emphasized that neither she nor the company supports any meme coins and has no plans to provide such compensation in the future.

The incident is another example of a growing wave of hacks in the crypto community. In recent months, hackers have already attacked the accounts of the founders of WLFI, BNB Chain, and PancakeSwap, using them to promote fake tokens. The case of Yi He has once again emphasized the vulnerability of social media, particularly Chinese platforms, to phishing and social engineering attacks.