WeChat Hack Targets Binance Co-CEO Yi He: A Growing Concern for Crypto Executives

Yi He, the recently appointed co-CEO and co-founder of Binance, faced a WeChat hack after her old mobile number was reclaimed. This incident highlights the vulnerabilities of Web2 messaging platforms for cryptocurrency leaders. The hacked account has been recovered, but the attack illustrates significant security risks in the crypto space.

Key Takeaways

Yi He’s WeChat account was compromised, drawing attention to the security flaws in Web2 messaging systems.
The account has since been restored with the assistance of WeChat’s security team.
Following the hack, a token named Mubarakah was promoted by the attackers, resulting in a significant financial gain for them.
SlowMist founder Yu Xuan warns that the barriers to such attacks are low and advises caution for high-profile individuals in crypto.
Binance co-founder Changpeng Zhao has also addressed the issue, underscoring the importance of security against memecoin scams.

Binance co-CEO Yi He hit by WeChat hack amid growing Web2 risks for crypto execs

WeChat Hack Exposes Risks for Crypto Leaders

Recently, Binance's co-CEO and co-founder, Yi He, announced on X that her WeChat account was compromised after an old mobile number was taken over. This incident emphasizes how Web2 messaging platforms can be exploited to impersonate cryptocurrency executives. "WeChat was abandoned long ago, and the phone number was seized for use. It cannot be recovered at present," she stated in a translated post on X.

Fortunately, the account was later recovered. A spokesperson from Binance informed Cointelegraph, stating, “We have worked closely with WeChat’s security team, and the account has now been successfully recovered.”

After the hack, analytics firm Lookonchain reported that the attackers promoted a token called Mubarakah, which resulted in a price surge. It was claimed that the attackers made $55,000 from this operation. This event coincided with Yi He’s recent appointment as co-CEO of the exchange, which was announced by Binance CEO Richard Teng during Binance Blockchain Week in Dubai.

Yi He Source: Yi He

Understanding the Attack Vectors

This incident follows a similar compromise in November when Tron founder, Justin Sun, reported that his WeChat account had been hacked as well. On Nov. 30, he shared on X that he had reached out to the platform for assistance in recovering his account.

Source: Justin Sun

Following Yi He’s recent experience, SlowMist founder Yu Xuan released a detailed explanation of how WeChat account compromises can occur, alerting users that the threshold for such attacks can be surprisingly low. Yu observed that an attacker with access to leaked credentials could regain control of an account by contacting just two “frequent contacts.” This could involve individuals added as friends or only interacted with briefly in a group setting.

Furthermore, in China, carriers typically reissue mobile numbers three months after users cancel their accounts. This policy allows inactive SIM-related accounts to be reassigned, creating opportunities for credential stuffing, SIM recovery abuses, and targeted social engineering attacks.

Yu advised users, especially well-known figures engaged with over-the-counter (OTC) traders or wallet discussions, to avoid casually adding unknown contacts. He also recommended regularly changing passwords and promptly addressing any login alerts.

Related: South Korea to impose bank-level liability on crypto exchanges after Upbit hack: Report

Changpeng Zhao's Warning on WeChat Security

Binance co-founder Changpeng Zhao mentioned on X that he, too, has not used his WeChat account for some time. He cautioned against promoting any memecoin contract addresses via this account, reminding users to prioritize their security in light of increasing threats.

Source: Changpeng Zhao

This incident highlights vulnerabilities that have persisted within the crypto space. Just a few months prior, the official X account of BNB Chain was hacked, leading to the posting of fraudulent links that resulted in a loss of $8,000 in user funds. BNB Chain stated that all impacted users were reimbursed.

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