A compromised WeChat account associated with Binance has triggered a remarkable price surge for the meme token Mubarakah, which experienced an increase of over 200% within hours. This incident involved the account belonging to Yi He, and its promotion led to a swift buying frenzy among traders.
The price of Mubarakah skyrocketed from $0.0007087 to $0.007283 before quickly retreating. Despite the surge, the token remains significantly below its peak of $0.02604 recorded in March 2025.
On-chain analysis revealed that two new wallets, identified as 0x6739 and 0xD0B8, were established approximately seven hours prior to the price surge. These wallets acquired 21.16 million Mubarakah tokens by spending 19,479 USDT, laying the groundwork for the subsequent price movement. During the peak of the pump, the attacker sold 11.95 million tokens for 43,520 USDT, while retaining 9.21 million tokens valued at around $31,000, leading to a total estimated profit of $55,000.
Changpeng Zhao, CEO of Binance, acknowledged the breach via a post on X, cautioning users against purchasing meme coins based on the hacker”s announcements, emphasizing the vulnerabilities of Web2 social media security. This warning follows a series of scams linked to compromised accounts.
The market reaction saw Mubarakah”s market capitalization surge from $1.7 million to almost $8 million before settling near $3.8 million. Analysts noted unusual trading activity leading up to the hacked announcement, with market charts reflecting significant fluctuations in liquidity. Meanwhile, BNB and the broader cryptocurrency market exhibited normal trading patterns during this episode.
Concurrently, Binance dealt with a separate internal issue, suspending an employee for misusing access to promote a new meme token on an official account. The exchange confirmed that internal audits verified the misuse during the token”s launch. Binance has since reached out to authorities and allocated $100,000 in rewards to five whistleblowers who reported the misconduct.
The exchange reiterated its commitment to strengthening internal security measures and encouraged users to report verified claims through official channels. Zhao emphasized the importance of forwarding reports on any misconduct while advising traders to remain cautious of false information.
The incident surrounding the hacked WeChat account and its impact on Mubarakah highlights ongoing security challenges within the cryptocurrency space, underscoring the need for vigilance among traders and platforms alike.
