You have to admit, the irony here is almost unbelievable. The world’s largest exchange co-CEO gets hit by a scam based on a simple, old security flaw. The story broke late on December 9th: Binance co-CEO Yi He’s old WeChat account, one she hadn’t used in age, was hacked. Almost instantly, the compromised profile started pushing a ridiculous token named MUBARA.

This is not just a breach; it’s a cynical move by hacker. They perfecty understood the power of influence and the mechanics of a quick pump-and-dump. They knew a message from her circle, even a suspicious one, would create enough FOMO in the China based crypto communities to generate immediate trading volume. They didn’t need the perfect hack; they only needed her name. Unfortunately, they got it.

The Old Phone Number Problem Hitting Binance co-CEO Yi He’s Influence

Let’s talk about the weak link here. It’s a vital lesson for everyone in crypto. The attacker didn’t crack military-grade encryption. They didn’t explot a zero-day vulnerability in Binance’s core systems. No, the point of entry was likely just an old phone number tied to an abandoned Web2 account.

Yi He confirmed the breach. She stated the account was abandoned and, crucially, she could not recover it. Think about that for a second. The security of the world’s largest crypto exchange’s public image can be bypassed because a Web2 platform handles account recovery poorly. Binance founder CZ quickly warned about the “weak security standards of web2 platforms.” His criticim is valid. We spend so much effort on private key and cold storage. Yet, we often forget that our social influence—our Web2 presence—offers the softest target for a huge payoff.

The MUBARA Money Grab: How the Scam Paid Off

Credit from Reddit

This wasn’t a random opportunistic post, folks. This was meticulously coordinated.

On-chain analysts like Lookonchain quickly traced the activity. The data clearly shows front-running. About seven hours before the scam posts appeare on her hijacked WeChat, two fresh wallets quietly loaded up. They bought approximately 21.16 million MUBARA tokens using 19,479 USDT. They set the trap, knowing the social trigger was about to fire.

When the fake endorsement posts circulated from Binance co-CEO Yi He’s hijacked account, the token price exploded. It shot from around $0.001 to $0.008 in minutes. This pushed the market value to a crazy $8 million. The moment liquidity poured in, the pre-loaded wallets begin selling. They netted estimated profits that quickly exceeded $55,000, not even counting their remaining holdings. The token crashed over 60% after the attackers exited. This is a textbook pump-and-dump, boosted by the perceived authority of the co-CEO’s name.

Lessons Learned: Binance co-CEO Yi He’s Incident is a Wake-Up Call

The immediate response were predictable. CZ publicly urged users to ignore the messages. Yi He asked her followers to avoid the token promotions. But this incident offers a stark reminder of the responsibility that comes with having that level of influence, even via a dormant account.

The crypto industry needs to realize Web2 security flaw are a direct threat to Web3 markets. Scammers don’t care about decentralization; they care about money. They will use the name of Binance co-CEO Yi He to create market chaos and profit if they can. We cannot keep treating our Web2 channels as separate from our Web3 finances. They are linked by trust and influence.