Binance co-CEO Yi He’s old WeChat account was hacked on Dec. 9 and used to promote a scam memecoin called MUBARA.
Author: Sahil Thakur
11th December 2025 – Binance co-CEO Yi He’s old WeChat account was hacked on Dec. 9 and used to promote a scam memecoin called MUBARA. The attackers made off with ~$55,000 in profit. Yi He has now promised to compensate affected users via a one-time BNB airdrop.
Yi He’s WeChat account had been inactive for years and remained linked to an old phone number. However, on December 9, hackers seized the account and began promoting MUBARA (also known as Mubarakah), a low-cap memecoin on BNB Chain. The posts framed the token as a promising opportunity and quickly circulated across crypto communities in China.
Meanwhile, analysts at Lookonchain had already identified suspicious activity. Hours before the scam messages appeared, two newly created wallets quietly bought 21.16 million MUBARA using 19,479 USDT. As the posts gained traction, the token’s price surged from $0.001 to $0.008 within minutes, briefly pushing its market cap to $8 million.
Following this rapid rise, the attackers began offloading tokens. They sold 11.95 million MUBARA for 43,520 USDT and held onto the remaining tokens worth around $31,000. Ultimately, the token saw an 800% pump, followed by a 60% crash as liquidity dried up.
Several users on X flagged the coordinated nature of the trade. Some noted pre-buying patterns and suggested insider knowledge may have played a role in the timing of the scam.
Shortly after the incident, Binance founder Changpeng Zhao (CZ) took to X to warn users. He advised the community to disregard messages from Yi He’s account and used the episode to highlight the risks of Web2 platforms like WeChat, especially for crypto users.
Yi He also confirmed the breach. She explained that the account had been linked to a recycled number that she no longer controlled. She had abandoned the account long ago and was unable to regain access.
Despite the circumstances, she moved quickly to offer direct compensation to those affected.
Yi He announced she would personally fund a BNB airdrop for users who lost funds trading MUBARA via the Binance Web3 Wallet or Alpha platform. She committed to completing the distribution within 24 hours starting December 10.
However, she made it clear that this was a one-time exception. Yi He reiterated that neither she nor Binance endorses memecoins—particularly those lacking real value or utility.
The incident underscores deeper issues with Web2 security. According to blockchain security firm SlowMist, Chinese telecom carriers typically reassign unused numbers after around three months. Once attackers acquire a recycled number, they can trigger WeChat’s account recovery process. The system requires verification through just two contacts—often individuals added in groups or not messaged directly.
This type of exploit has become increasingly common. In November 2025, Tron founder Justin Sun also reported a WeChat hack. And back in March, Yi He herself was impersonated in another unrelated scam.
Ultimately, the event highlights a recurring problem: social platforms remain a vulnerable link in crypto’s security chain.
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