- Two wallets purchased 21.16 million tokens just hours before the posts went live.
- MUBARA briefly surged from $0.001 to $0.008.
- The attackers reportedly profited approximately $55,000.
An inactive WeChat account linked to Yi He, the co-CEO of Binance, was hacked on December 9, prompting a sudden surge in a memecoin that took traders by surprise and briefly altered activity on the BNB Chain.
The compromised account was used to promote a little-known token named MUBARA, luring traders who believed the messages came from a credible source.
Within minutes, the token’s price skyrocketed before collapsing, illustrating how dormant social media accounts can still sway cryptocurrency markets when associated with a high-profile industry figure.
Hacked WeChat Posts Trigger Instant Market Reaction
The incident began when fraudsters took control of Yi He’s old WeChat account, which was linked to an inactive phone number.
Late on December 9, the hacked account began posting about MUBARA, also known as Mubarakah, positioning it as a high-potential asset.
Given that many contacts on the account are still active in Chinese crypto circles, the messages quickly spread, igniting a sudden trading frenzy.
Lookonchain subsequently traced on-chain movements associated with the incident, identifying two wallets that bought approximately 21.16 million MUBARA for about 19,479 USDT around seven hours before the posts went live.
Once the messages started circulating, MUBARA jumped from roughly $0.001 to $0.008 in a matter of minutes.
The temporary market cap of the token reached around $8 million as traders flocked to decentralized platforms on the BNB Chain.
Early Buyers Cash Out as Traders Join Frenzy
As liquidity surged, the two wallets began to sell off during the peak.
By the morning of December 10, the hackers had sold 11.95 million tokens for 43,520 USDT.
They still held approximately 9.21 million tokens valued at around $31,000.
Initial estimates place their profit at around $55,000, with unsold holdings offering room for additional gains.
The token plummeted by over 60% once the selling began.
Several key opinion leaders on social media reported wallet movements suggesting some traders may have acted moments before the WeChat posts were published, drawing attention to the possibility of coordinated pump activity.
Binance Executives Warn Users After Breach
Binance founder Changpeng Zhao advised users to ignore all messages from the compromised account, highlighting the ongoing vulnerabilities of Web2 platforms that offer limited recovery options for dormant accounts.
Yi He confirmed the breach, stating that the account had been abandoned and could not be reclaimed. She urged users to avoid any promotional tokens associated with this project.
This incident underscores how attackers can exploit legacy communication channels that still hold influence in certain trading communities.
WeChat remains widely used among cryptocurrency participants in China, indicating that even inactive accounts can serve as catalysts for misinformation that moves markets.
Market Impact Raises Broader Security Concerns
The speed of the price fluctuations revealed just how quickly misinformation can affect micro-cap tokens in an environment where traders react to signals within seconds.
The rise and fall of MUBARA highlighted gaps between user behavior, platform security, and decentralized markets that respond instantly to new information.
For Binance’s global user base, the event serves as a reminder that reputation-linked accounts, even when dormant, remain valuable targets for manipulation attempts.
As platforms assess the fallout, discussions are shifting toward how crypto communities can better address vulnerabilities created by outdated communication tools.
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