Hackers Take Advantage of Binance Co-CEO Yi He's WeChat Account to Boost Memecoin, Earning 55,000 USDT

Account Compromise: Binance co-CEO Yi He's WeChat account was hacked to promote a memecoin, leading to a pump-and-dump scheme that resulted in significant losses for late investors. The breach was due to an old phone number linked to her account that was no longer under her control.

Response from Binance: Both Yi He and Binance confirmed the hack, with Binance founder Changpeng Zhao warning users to disregard promotions from compromised accounts and emphasizing the vulnerability of social media in crypto security.

Financial Impact: The attacker profited approximately 55,000 USDT from the scheme by creating new wallets that accumulated the promoted memecoin, MUBARA, before selling off their holdings as trading volume surged.

Broader Implications: The incident raises concerns about the misuse of social media in the crypto industry, highlighting the need for investors to independently verify information and be cautious of endorsements from high-profile figures.