Binance Co-CEO Yi He’s Account Breached: Inside the MUBARA Scam

• Yi He, the new co-CEO of Binance, had her old WeChat account hacked.
• MUBARA (also known as Mubarakah), a meme coin based on Yi He’s picture as a “female version” of another meme character.
• Hackers bought millions of tokens for a low price, posted fake ads, watched the price go up, and then sold them for a profit.
• The price went up by 264% before crashing, and the attackers made about $55,000.

The problems began when hackers took over Yi He’s WeChat, an app she hadn’t used in years. They did this by taking over the phone number that was linked to it, which made it impossible for her to get back in. The attackers made two new digital wallets about seven hours before the fake posts went out. They bought more than 21 million MUBARA tokens on sites like PancakeSwap for about 19,479 USDT.

When they were ready, they used the hacked account to send group messages that made it look like Yi He backed the coin. This got people excited, which made demand go up and the price go way up—some reports say it went up eight times its value in a matter of minutes. Hackers sold 12 million tokens for 43,520 USDT as buyers rushed in. They kept the rest, which was worth about $31,000.

It was a classic “pump and dump” plan. The attackers made fake interest by getting a fake big-name to back their cause. Decentralized exchanges saw a lot of trading, but the price fell quickly after people cashed out. In the end, they made about $55,000, leaving regular traders with coins that weren’t worth anything.
This isn’t new in the world of cryptocurrency. Meme coins like MUBARA are easy to steal from because they are unstable and based on hype. But using a real executive’s account made people trust it more, which fooled more people.

Yi He quickly went over what was going on. She said she couldn’t get to the old phone number that was linked to the account, so she couldn’t get it back. Her statement came out not long after the hack became public.

Changpeng Zhao, the founder of Binance, sent a strong warning on X (formerly Twitter). He said, “Someone hacked @heyibinance’s WeChat account.” Don’t buy meme coins from posts made by hackers. The security of Web2 social media isn’t very good. “Stay safu!” He also said that he hasn’t used WeChat in years and won’t directly promote any meme coins. CZ’s message got to thousands of people, reminding them to check sources twice.

Note: This news was written by our editor, rewritten with the help of AI, and reviewed by our editor to ensure its accuracy and compliance with our standards.