Binance’s co-CEO, Yi He, has committed to compensating the losses of users affected by a scam involving her compromised WeChat account. This commitment comes despite earlier instances where the exchange executive had urged users to exercise greater caution to avoid falling victim to scams.
Yi He, co-founder and newly appointed Co-CEO of Binance, experienced a social media hack when her dormant WeChat account was compromised on December 9, 2025. The attackers exploited her account to promote a BNB Chain-based memecoin called Mubarakah, leading to substantial losses for users who purchased the token based on these fraudulent promotions.
Confirming the breach on social media platform X, Yi He explained that she had abandoned the WeChat account years prior. The account was linked to an old phone number that was subsequently obtained by the perpetrators, enabling them to gain access.
The hackers reportedly profited $55,000 after compromising the abandoned WeChat account of Binance’s co-CEO, Yi He.
Compensation for Affected Users
Yi He announced that she would personally allocate BNB to conduct an airdrop for users who incurred losses while trading the Mubarakah memecoin. The compensation is specifically designated for users who traded the scam token using the Binance Web3 Wallet and the Alpha platform.
Expressing sympathy for those affected, Yi He committed that the airdrop would be fully distributed within 24 hours of her announcement on December 10, 2025. She clarified that this compensation is a one-time exception and will not be extended to future incidents.
Yi He stated that neither she, the official Binance account, nor any Binance employees would recommend memecoins, as such content often lacks long-term viability and price support.
Understanding WeChat Account Takeovers
Yu Xuan, the founder of SlowMist, republished his research detailing how WeChat account takeovers occur. Chinese telecom carriers reassign inactive phone numbers after approximately three months of disuse. Once an attacker obtains access to a recycled phone number previously linked to a WeChat account, they can initiate an account recovery process.
This recovery system requires contacting just two frequent contacts to verify identity. These contacts might include individuals who were never directly messaged and were only added as friends or interacted with briefly in shared groups.
WeChat account takeovers of prominent crypto figures have become a recurring issue. Tron founder Justin Sun also reported on November 30, 2025, that his account had been hacked, prompting him to contact the platform to regain access. Yi He herself was previously impersonated in a separate incident in March 2025.
Details of the Mubarakah Memecoin Scam
According to blockchain analytics firm Lookonchain, the hackers created two new wallets approximately seven hours before promoting the token. They then spent 19,479 USDT to purchase 21.16 million MUBARA tokens through PancakeSwap and other decentralized exchanges.
Following promotion on Yi He’s compromised WeChat account, the price of the token surged from around $0.001 to $0.008, an increase of over 800%. The token’s market cap briefly touched $8 million as unsuspecting traders rushed to buy based on what appeared to be an endorsement from the Binance executive.
The attackers subsequently sold 11.95 million tokens for 43,520 USDT, securing approximately $55,000 in profit before the token crashed by more than 60%.
Binance co-founder Changpeng Zhao quickly warned users on X, stating that Web2 social media security is not robust and urging the community to avoid purchasing memecoins promoted through hacked posts. Yi He successfully recovered her account through external verification and subsequently changed the password.