Binance’s New Co-CEO Targeted in Social Attack That Triggered Memecoin Pump
A social engineering attack targeting Binance’s newly-named co-chief executive illustrates how personal accounts remain a soft entry point for market manipulation.
Yi He revealed that an unused WeChat profile tied to her phone number was quietly taken over and repurposed. The attacker used her identity to amplify a token on BNB Chain — without her knowledge.
She said she had long abandoned the account, making it an easy target for takeover attempts that went undetected at first.
Rather than a simple phishing push, on-chain analysts discovered a coordinated trading setup around the breach.
Investigators observed two new wallets accumulating a micro-cap token before the fake endorsement surfaced. When Yi He’s hijacked account appeared to “promote” the token, it triggered a buying wave and an 800% intraday spike, according to market trackers — allowing the attacker to exit with tens of thousands in profit.
Once momentum faded, the token retraced violently as the attacker sold through positions and moved the proceeds into ETH.
Industry Figures Sound Alarm
Changpeng Zhao publicly warned followers that traditional platforms remain wide open to identity-based scams, contrasting them with cryptographic security models.
Yi He later confirmed she had regained control through external verification, adding that suspicious requests for her attention had likely been reconnaissance attempts.
A Target With High Visibility
The timing was hard to miss. The incident occurred just as Binance reshuffled its leadership, appointing Yi He alongside Richard Teng in a power structure change months after Zhao stepped aside under regulatory pressure.
Yi He is not a newcomer — she has shaped Binance’s customer operations since the exchange launched in 2017 — making her profile valuable for an impersonation attack that could influence traders.
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The Wider Lesson
The episode exposes a recurring vulnerability in crypto markets: reputational authority is a tradable asset. Even dormant personal accounts can become vectors for price manipulation when attached to prominent names.
As blockchain analytics firms increasingly track wallet behavior tied to social exploits, this case shows how cybercriminals are blending opportunistic hacking with speculative token strategies — and how quickly retail traders can become collateral.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
