A hacker hijacked the WeChat account of Yi He, co-founder of Binance, to carry out a pump-and-dump scam using the Mubarakah Token, profiting approximately $55,000.
This incident has fueled growing concerns about the manipulation of the cryptocurrency market through compromised social media accounts. Security analysts quickly traced the hacker's transactions and uncovered details of the scam.
The coordinated attack targeted the social media platform of Binance's leader.
The hacker accessed Yi He's WeChat account and posted content promoting the Mubarakah Token. Yi He is a co-founder of Binance, the world's largest cryptocurrency exchange by volume .
Changpeng Zhao confirmed the attack and urged everyone to be cautious. He also pointed out that traditional social media platforms lack high levels of security.
"Someone hacked @heyibinance's WeChat account. Don't buy meme coins based on the hacker's posts. Web 2 social network security isn't strong enough yet. Stay safe!" he Chia .
Blockchain analytics firm Lookonchain has tracked the hacker's activities. The individual created two new wallets approximately seven hours prior, using 19,479 USDT to purchase 21.16 million Mubarakah Token at a discounted price.
Following the appearance of a fake post from Yi He's account, the price of Mubarakah surged. According to data from Geckoterminal, the Token price peaked at $0.008 USD during this morning's Asian trading session, representing a nearly 200% increase and setting an all-time high for the Token .
Mubarakah Token Pump. Source: GeckoTerminalThe hacker sold 11.95 million Token , earning 43,520 USDT, leaving 9.21 million Token worth approximately $31,000. The wallets used were: 0x6739b732C14515997Caa8deCb6C047dc1c02Fb9c and 0xD0B8Ea6AF32A4F44Ed7F8A5E4E7b959239f5AE1D.
"Always be wary of unverified promotional posts on social media and don't FOMO to avoid becoming a victim of such scams," PeckShieldAlert further noted .
