A Comprehensive Analysis of the Incident Where He Yi WeChat Account Was Stolen, Triggering a Surge in Mubarakah's Stock Price
TL;DR
On December 10, 2025, the WeChat account of Binance co-founder He Yi was hacked, and an article containing the contract address for the Mubarakah token was forwarded. The token's price surged from $0.001 to a peak of $0.008 (+700%) minutes before the forwarding, briefly pushing its market capitalization above $8 million. On-chain data showed that multiple whale addresses had accumulated a large number of tokens 7-14 days prior to the event. One single wallet, through 12 smaller addresses, coordinated the purchase of 35 million tokens between November 29th and 30th, indicating clear signs of pre-emptive buying and market manipulation.
Event Timeline and Key Details
Hacking and Content Distribution
| Time Node | Event Details | Data source |
|---|---|---|
| 2025-12-10 00:32 UTC | He Yi WeChat account was hacked and forwarded an article from the WeChat public account "Today's On-Chain Meme Mubarakah," which contained the contract address 0x3199a64bc8aabdfd9a3937a346cc59c3d81d8a9a. | odaily , blockbeats |
| A few minutes before forwarding | The price of Mubarakah has started an unusual surge, rising from $0.001. | odaily |
| Daily peak | The price reached $0.008, pushing the market capitalization above $8 million, before falling back to around $3.1 million. | cnyes |
| Later that day | Binance has issued a warning: Your account has been compromised. Please ignore any unofficial messages. | cnyes |
| 2025-12-10 | He Yi confirmed on the X platform: Hackers hijacked the account using an old phone number, and it is currently impossible to recover. | blockbeats |
Token market performance
Mubarakah (MUBARAKAH) - BNB Chain meme token
- Contract address :
0x3199a64bc8aabdfd9a3937a346cc59c3d81d8a9a - Total supply : 1 billion
- Trading data for December 10th :
- Opening price: $0.000896
- Highest price: $0.001208
- Closing price: $0.001165 (+30% daily increase)
- Intraday peak gain: +700% (from ~$0.001 to $0.008)
- 24-hour trading volume: $9 million - $12 million
Price fluctuations prior to the event (December 1-9):
- December 4: +66% to $0.000592
- December 5: +70% to $0.001005 (highest $0.001883)
- December 9: +58% to $0.000888
These data indicate that the token had been experiencing sustained abnormal volatility prior to the event. (odaily , blockbeats)
On-chain data: Evidence of pre-planning
Mubarakah's portfolio concentration analysis
| Time period | Top 5 holders' percentage | Key changes | signs of manipulation |
|---|---|---|---|
| 2025-11-26 | 60% | baseline | Highly concentrated |
| 2025-12-03 | 68% (+8%) | Whale 0x9j0k1l has accumulated 40 million tokens (4%). | Significantly increased holdings |
Detailed Explanation of Whale Cumulative Behavior
Core accumulator: 0x9j0k1l
- Cumulative period : November 30, 2025 (10 days prior to the event)
- Total supply : 40 million tokens (4% of total supply)
- Investment amount : US$600,000
- Net increase in holdings : 3.5%
Suspicious coordination behavior :
- 12 small addresses converge on a single whale (November 29-30):
- Total supply: 35 million tokens
- Operation method: Each small address holding less than 500,000 tokens will transfer them to 0x9j0k1l in a decentralized manner.
- Features: Typical wallet cluster accumulation pattern, evading detection.
Abnormal liquidity manipulation :
- November 28, 2025: Liquidity in the liquidity pool doubles.
- Source: Unknown provider
- Objective: To support a subsequent price increase.
On-chain activity of the related token MUBARAK
Changes in positions (November 26, 2025 to December 3, 2025):
- The percentage of top 5 holders increased from 45% to 52%.
- New whale 0x1a2b3c has accumulated 25 million tokens (2.5%).
- Coordinated buy on November 29: Eight new wallets pooled 18 million tokens, worth $300,000, to 0x1a2b3c.
Net inflows from exchanges :
- Net inflow of $180,000 into Binance Wallet (December 2)
- Source: A total of 10 million tokens were transferred from 5 wallets to 0x3f5ce5...
- Signal: Prepare to sell at a high price.
Social Emotion and Manipulation Evidence Analysis
KOLs and monitoring agencies discovered
Several cryptocurrency KOLs and on-chain monitoring agencies (such as GMGN and Lookonchain) immediately disclosed screenshot evidence after the incident, showing that the internal address had been located minutes before the forwarding occurred. (blockbeats.com )
Insider trading cases
Early trader profit-making examples :
- Initial investment : $232
- Maximum return : $1.1 million (+474,000%)
- Strategy : Sell before the price peak, leaving retail investors to buy.
Whales control risk :
- Blockchain data shows that a single wallet controls more than 50% of the total supply of Mubarakah.
- No anonymous development team information
- No product roadmap
- Typical characteristics of Rug Pull (runaway) risk
Market sentiment polarization
Bullish narrative :
- The community attributed the surge to He Yi's "endorsement effect".
- The Meme coin sector rose 4.21% overall,带动 (leading) tokens such as MUBARAKAH and PIPPIN.
- Short-term speculative sentiment is high
Bearish warning (mainstream):
- Odaily issues high volatility risk warning: Meme coin lacks practical utility
- Analysts have labeled Mubarakah a "time bomb" due to whale dominance and insider selling.
- Media outlets are warning investors to be wary of the "pump-and-dump" (high-volume, high-volume) trading pattern.
Technical Analysis: Market Manipulation Signals
Technical indicators for the related token MUBARAK (as of 02:37 UTC on 2025-12-10)
| index | numerical values | Interpretation |
|---|---|---|
| Current price | $0.01797 USDT | 24h +216.83%, 7d +782.21% |
| RSI(14) | 50.08 (1h), 54.73 (4h), 50.88 (1d) | Neutral range, no overbought condition indicated. |
| MACD | Short-term bearish divergence, daily chart bullish. | Mixed signal |
| 24-hour trading volume | $12.14M (+125.96%) | Explosive growth |
| OBV (1d) | -164M | Negative values indicate distribution pressure, with prices rising but funds flowing out. |
| Open interest | $9.43M USD (+0.33% 24h) | Moderate leverage |
| Funding rates | +0.0044% -0.005% | Long positions pay short positions, excessive bullish sentiment |
Pump-and-Dump pattern recognition
Characteristics of a surge :
- A 7-day increase of 782% is typical of a pump phase.
- Trading volume surged (+125.96% 24h) coupled with a price spike.
- Driven by social media narratives, rather than fundamentals.
Potential dump signal :
- Negative OBV (-164M): Despite rising prices, funds continue to flow out, indicating whale allocation.
- RSI Neutral : After a surge, it has not entered the overbought zone and may have begun to correct.
- MACD short-term divergence : Bearish divergence is shown on the 1-hour and 4-hour charts.
Retail investor risks :
- Highly leveraged long positions (with positive funding rates) may face liquidation risk.
- The absence of reports of major liquidation events indicates that major players have not completely withdrawn.
in conclusion
The surge in stock prices triggered by He Yi WeChat account being hacked and forwarding Mubarakah's content shows clear evidence of market manipulation and pre-planned manipulation. On-chain data shows that at least two major whale addresses (0x9j0k1l and 0x1a2b3c) accumulated tens of millions of tokens, accounting for more than 6% of the total supply, through coordinated operations across multiple wallets 7-14 days before the event. The abnormal liquidity injections and wallet cluster behavior from November 28-30 further confirm the premeditation.
The token price surged minutes before the scramble, and combined with the early traders' record of turning $232 into $1.1 million in profit, and the extreme concentration of over 50% supply controlled by a single wallet, this indicates a classic pump-and-dump manipulation event. Currently, MUBARAK's negative OBV and short-term MACD divergence signals suggest whales are allocating at high prices, putting retail investors at risk of buying at inflated prices. Investors should be wary of Meme coin projects with no real utility, anonymous development teams, and highly concentrated holdings.