While hacking incidents continue unabated in the cryptocurrency market, the latest victim of hackers is Binance co-CEO Yi He.
According to reports, Yi He’s WeChat account was hacked and a post promoting a memecoin called Mubarakah (MUBARAKAH) was made.
The attack occurred shortly after Yi He was appointed co-CEO, and the attackers manipulated trading transactions using Yi He’s account.
The attackers profited by selling memecoin after creating artificial demand through fake verification.
Binance founder Changpeng Zhao (CZ) stated that the WeChat account of newly appointed co-CEO Yi He was hacked late at night and used to promote a little-known memecoin.
He said this situation turned into a “pump-and-dump” event, causing the asset to briefly rise on some decentralized exchanges.
CZ also cautioned users, stating that he would not be promoting memecoin: “I hope it’s not my account next. I haven’t used WeChat in years. Also, I won’t be directly sharing any memes or CAs. Please be careful!”
Yi He stated that she no longer uses WeChat and that the phone number linked to her account had been compromised, preventing her from regaining access.
Following this hack, the market value of the memecoin Mubarakah briefly exceeded $8 million, rising from $0.001 to $0.008. Since then, Mubarakah has experienced a sharp decline, with its current market value dropping to approximately $3.08 million and its price hovering around $0.003.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/binance-ceos-account-hacked-an-altcoin-was-promoted-price-pump-and-dump-occurred-cz-warned/
