Hacker Compromises Yi He’s WeChat Account to Execute Mubarakah Token Pump and Dump

A hacker hijacked the WeChat account of Binance co-founder Yi He to perform a pump-and-dump scheme involving the Mubarakah token, producing roughly $55,000 in earnings.

This breach highlights rising considerations concerning the manipulation of cryptocurrency markets by way of compromised social media accounts. Security analysts swiftly tracked the hacker’s transactions, uncovering the main points of the fraudulent operation.

Binance Co-Founder’s Account Hacked in Meme Coin Scam

The hacker accessed Yi He’s WeChat account and reportedly forwarded an article concerning the Mubarakah token. For context, WeChat is a extensively used messaging and fee utility with a large person base, particularly in China and throughout East and Southeast Asia.

“Specifically, it may be due to forwarding a modified public account article,” a person reported.

Changpeng Zhao confirmed the breach and urged caution. He additionally identified that conventional social platforms lack sturdy safety.

“Someone hacked @heyibinance’s WeChat account. Do not purchase meme cash from the hackers posts. Web 2 social media safety shouldn’t be that sturdy. Stay safu!” he posted.

Meanwhile, blockchain analytics agency Lookonchain traced the hacker’s actions. The attacker created two new wallets roughly seven hours in the past, utilizing 19,479 USDT to purchase 21.16 million Mubarakah tokens at low costs.

Following the fraudulent put up from Yi He’s compromised account, Mubarakah’s value soared. Data from Geckoterminal confirmed that the meme coin rose to a high of $0.008 in early Asian buying and selling hours in the present day.

This marked a pump of practically 200%. Mubarakah’s market cap additionally exceeded $8 million. At the time of writing, it was buying and selling at $0.0025, representing a rise of over 172%.

Lookonchain revealed that the hacker has already offloaded 11.95 million tokens for 43,520 USDT. The wallets used have been: 0x6739b732C14515997Caa8deCb6C047dc1c02Fb9c and 0xD0B8Ea6AF32A4F44Ed7F8A5E4E7b959239f5AE1D.

“After the pump, the hacker has already bought 11.95 million Mubarakah for 43,520 USDT and nonetheless holds 9.21 million Mubarakah($31,000), for a complete revenue of $55,000,” the post learn.

This incident follows the compromise of Tron founder Justin Sun’s WeChat account in late November.

“Both are utilizing the tactic of posting Meme shitcoins in Moments to rip-off folks. It feels prefer it’s particularly concentrating on the WeChat accounts of prime Web3 massive pictures for theft. On-chain ‘hacker competitions’ are intense, and they’re beginning to transfer the ‘battlefield’ off-chain. Also, WeChat isn’t one of many most secure social media platforms—how are the scammers getting the passwords/SIM card information and such to perform the theft?” a market watcher said.

The hijacking of social media accounts to push crypto scams has turn into a recurring situation within the trade. Attackers have focused public figures throughout politics, leisure, and enterprise to exploit their visibility.

For occasion, in October, attackers breached the official X account of BNB Chain and used it to promote a faux “BNB HODLer Airdrop.” Earlier this 12 months, hackers gained management of the former Malaysian Prime Minister’s X account to promote a misleading meme coin scheme.

In one other case final December, Canadian rapper Drake had his account compromised and used to hype a fraudulent meme coin known as “Anita.” These are just some of the various instances that proceed to plague the crypto ecosystem, highlighting the trade’s ongoing battle with safety and impersonation assaults.

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