Key Insights
- Mubarakah spiked over 200% after hackers used Yi He’s breached WeChat to promote the token.
- On-chain data indicates pre-buys and an organised pump and dump
- The attack caused security issues as traders monitor unspent tokens and market fluctuation.
Mubarakah, a small-cap meme token on Binance Smart Chain, recorded a sharp price spike after a compromised social media account promoted the asset to thousands of users.
The token rose more than 200% within a day, moving from $0.0007087 to $0.007283 before giving back part of the gain. The move sparked an unusual surge in trading activity around a token that typically receives limited market attention.
Hacked Account Triggers Rapid Market Reaction
The surge followed confirmation that the WeChat account of Binance’s new co-chief executive, Yi He, had been breached and used to promote several meme tokens. Binance founder Changpeng Zhao warned users about the incident and urged them to avoid interacting with any token promoted through the compromised profile.
In an X post on Wednesday, Yi stated that there was a broader weakness of traditional social platforms and noted that she had not used WeChat for years.
Moreover, Yi He stated that her linked phone number had been compromised, preventing her from regaining control of the account. The event came amid a rise in scams in which attackers use hacked accounts to drive attention to illiquid tokens before exiting positions at inflated prices.
On-Chain Evidence Reveals Early Positioning Before the Price Spike
According to On-chain data from Lookonchain, the hacker created two new wallets, 0x6739 and 0xD0B8, roughly seven hours before the surge. The attacker earned 21.16 million Mubarakah tokens in 19,479 USDT and then sold 11.95 million of them in the surge, earning 43,520 USDT in the process. The wallet is still holding 9.21 million tokens worth approximately $31,000. In total, the operation generated around $55,000 in profit.
Blockchain analysts Lookonchain described the pattern as a typical pump-and-dump setup. In practical terms, the attacker front-ran the market by buying early, used the hacked account to attract traders, then dumped a significant share of tokens into the sudden demand.
Leadership Shift at Binance Adds Context to Incident
The breach occurred a week after Binance appointed Yi He as co-chief executive at its recent blockchain conference. She has long played a central role in shaping the company’s product strategy and user operations. Co-founder Richard Teng said her expanded position reflects the company’s ongoing leadership transition as it works toward broader global adoption goals.
The hack and the token surge now raise fresh concerns about security gaps on mainstream social platforms. Market participants continue to monitor activity around Mubarakah and the remaining tokens held by the attacker as trading volatility settles.
