Yi He Gets Hacked! Meme Coin Pump-and-Dump Explodes to $8M Within Minutes
Memecoin Scam Exposed After Binance Co-Founder Yi He’s WeChat Account Hacked: A Stark Warning on Web2 Security Risks in the Crypto Industry
The cryptocurrency industry, which often prides itself on being at the forefront of digital innovation, is facing a stern reminder that security vulnerabilities continue to plague even the most influential figures in the space. This week, a high-profile cyber intrusion targeted Binance co-founder and newly appointed co-CEO Yi He, resulting in the unauthorized promotion of fraudulent meme coins through her official WeChat account. The incident has triggered alarm across the global crypto community, raising urgent questions about the reliability of Web2 communication platforms for industry leaders and investors.
Yi He confirmed that her WeChat account, registered under the handle @heyibinance, was compromised after hackers gained control over an abandoned phone number previously connected to her account. In China, where strict real-name phone registration rules apply, phone numbers tied to old accounts may later be reissued, creating an exploitable loophole. The attackers used this opportunity to infiltrate Yi He's account and promote a fraudulent token, leading to rapid speculation, market manipulation, and financial losses for investors who unknowingly bought into the hype.
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| Source: Official X |
Former Binance CEO Changpeng Zhao, widely known as CZ, quickly issued a public alert urging users not to engage with any meme coin advertisements shared through Yi He’s WeChat profile. According to CZ, the breach demonstrates that despite advancements in blockchain technology, traditional Web2 social networks remain vulnerable to hijacking, SIM swapping, and social engineering. The incident underscores how even top-ranking crypto executives are not immune from the same threats affecting everyday users.
Hackers Promote Fake Token, Triggering Market Surge and Collapse
Following the takeover, scammers leveraged Yi He’s credibility to promote multiple token contract addresses, with one in particular gaining excessive traction: the Mubarakah token, deployed on Ethereum under the address 0x14fF7FEf64076723625B1fF6fEfAC848C83A4444. Once the post appeared online, thousands of retail investors responded instantly, assuming the endorsement came directly from a Binance executive. Within minutes, the token soared to a market capitalization of $8 million before crashing down to just $3.1 million, illustrating the volatility of speculative meme-coin trading fueled by social media hype.
Blockchain security firm PeckShield later published on-chain data confirming that several wallets purchased the token moments before the hacked account began promoting it, suggesting coordinated insider trading or premeditated front-running. Analysts estimate that the attackers invested 19,479 USDT for approximately 21.16 million tokens during the pre-hype accumulation stage. Following the price surge, around 11.95 million tokens were sold for nearly $43,520, securing a net profit of roughly $55,000. The remaining 9.21 million tokens retained a paper value near $31,000 at the time of reporting.
The scheme mirrors previous pump-and-dump strategies where attackers leverage trusted social profiles to artificially inflate demand and dump holdings on unsuspecting traders. In this case, reputation became the currency of manipulation, and the legitimacy associated with Yi He’s name was enough to fuel a mini-market rally despite the absence of project fundamentals, listings, or community validation.
Recurring Threats Targeting Crypto Leaders Raise Broader Concerns
This incident is far from isolated. On November 30, 2025, Chinese crypto influencer Sun Yuchen also fell victim to a similar WeChat hacking event. Earlier in March 2025, imposters used counterfeit profiles claiming to be Yi He, attempting to solicit investments from followers. While social media impersonation has long been endemic to the crypto sector, the persistent rise in account takeovers involving high-visibility executives is reigniting debates over whether leaders should continue using centralized Web2 messaging platforms for announcements and public engagement.
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| Source: Xpost |
Web2 services, although mainstream and widely adopted, generally rely on centralized recovery systems such as phone number verification, email access, or government-issued ID checks. These systems are convenient, but they also create single points of failure. In regions like China, abandoned SIM cards may be recycled and reassigned, allowing attackers to hijack accounts tied to old numbers. Once an account is recovered using this outdated verification path, the legitimate owner may have limited recourse.
Cybersecurity analysts warn that while blockchain infrastructure is decentralized and secure by design, the platforms used to communicate about blockchain remain centralized. This paradox is causing a growing number of real-world breaches that exploit human behavior rather than code vulnerabilities. The hack on Yi He reinforces a critical message that operational security extends beyond seed phrases and hardware wallets. Identity protection, device management, account migration, and multi-layer authentication practices are becoming just as essential as wallet security.
Market Reactions and Investor Psychology: FOMO Remains a Risk Factor
The rapid price movement of the Mubarakah token demonstrates how fear of missing out, or FOMO, continues to drive impulsive investment decisions. Many traders did not verify token legitimacy, contract safety, or liquidity conditions before rushing to buy. The belief that a Binance executive was involved was enough validation for thousands of retail participants, even in the absence of technical audits or official announcements.
CZ urged the community to adopt better due diligence habits, stating that users must verify token contracts independently, monitor wallet activity, and refrain from buying assets purely based on sudden social media hype. Security firms reiterated that while profits in meme coin markets can be substantial, losses often occur when traders enter without research and exit too late.
For influencers and corporate leaders, the breach serves as a warning that their online presence carries economic weight. A single compromised post can trigger millions in market action within minutes. Analysts believe that prominent industry personalities may need to transition away from traditional messaging apps and adopt Web3-native identity tools, decentralized authentication, or cryptographic verification systems to reduce hijacking risks in the future.
The Web2 Security Gap: A Systemwide Weakness
As crypto adoption accelerates globally, major industry players increasingly rely on traditional social media networks for branding, community management, and investor updates. However, the Yi He incident highlights a systemic contradiction: blockchain represents decentralization and self-custody, yet many communication channels remain centralized and highly exploitable.
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| Source: Xpost |
Security experts argue that phone number authentication is outdated and insufficient for high-profile accounts. Many recommend mandatory multi-factor authentication combining biometrics, hardware security keys, password rotation, and device-level monitoring to reduce takeover threats. Others advocate for new social platforms built on blockchain identity layers where ownership cannot be easily transferred through SIM card recycling or phishing.
This high-profile breach may accelerate industry conversations about building secure communication tools tailored for crypto professionals. It also raises concerns about regulatory frameworks in telecommunications and identity verification, particularly in regions using recycled phone number databases.
A Teaching Moment for the Community
The hacking incident involving Yi He is more than just another headline in the ongoing battle against crypto scams. It is a reminder that trust is fragile, and even legitimate authority figures can indirectly enable fraudulent schemes when their accounts fall into the wrong hands. From investors to influencers, Web2 vulnerabilities remain an open door for exploitation.
For everyday users, the case underscores the importance of self-education and cautious decision-making. Before investing in a token linked through a social media post, investors should verify contract validity, check on-chain liquidity, track wallet interactions, and seek independent confirmations from official channels. Market excitement should never overshadow risk management.
In an era where Web2 and Web3 continue to converge, maintaining cybersecurity awareness becomes not just advisable, but essential for survival in the digital economy. Opportunistic attackers are evolving fast, exploiting human psychology, platform weaknesses, and community trust. The crypto landscape may be decentralized, but vulnerability often resides where centralization remains.
Conclusion
Yi He’s WeChat hack stands as a cautionary tale for the global crypto industry. As centralized communication tools remain exposed to SIM-based takeovers and identity recovery flaws, blockchain leaders and investors must adopt more secure digital habits. Meme coin scams sparked through compromised accounts can create millions in artificial market activity in minutes, demonstrating how quickly misinformation can become market movement.
The incident is expected to spark renewed emphasis on multi-factor authentication, decentralized identity systems, and user education. As the digital economy expands, safeguarding personal accounts and conducting independent research becomes the first line of defense against fraud. The future of Web3 innovation will depend not only on technology, but on awareness, discipline, and responsibility across all layers of user interaction.
The message from industry leaders is clear: do not invest blindly, verify information independently, and remain skeptical of sudden promotional claims. In the rapidly evolving world of cryptocurrency, security begins with caution and ends with informed decision-making.
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