Binance founder Changpeng “CZ” Zhao warned users that new co-CEO Yi He’s old, inactive WeChat account was hacked and used to promote a meme token, triggering a short-lived pump in the targeted token and renewed warnings about social-media scams.
Key Takeaways:
- Yi He’s old WeChat account was compromised and used to post a meme-token contract address; CZ publicly alerted users not to trust the posts.
- A Binance Smart Chain memecoin spiked over 200% following the promotion through posts, with immediate wallet activity showing profit-taking that took tens of thousands of dollars for early buyers.
- Majority of the crypto tokens showed a muted reaction, especially BNB and BTC that both traded in a modest intraday movement.
Binance’s co-founder and newly appointed co-CEO Yi He did not post the meme token endorsements, as her long-unused WeChat account was taken over by an attacker who published a contract address and promotional message for a low-cap token. CZ, through posting in his official X (formerly Twitter) account, gave a warning to followers, clarifying Yi He would not be promoting token contracts and urging caution around compromised social media accounts.
On-chain trackers reported rapid buying and selling on the token after the posts, highlighting the speed with which such scams can temporarily drive price spikes.
Security Analysts Flag Risks Behind Dormant Social Accounts
Security experts pointed to common vulnerabilities in legacy Web2 accounts, like abandoned phone numbers, revoked privileges, or social engineering of verification codes, as the probable causes. A founder at SlowMist, a blockchain security firm, emphasized that inactive accounts are frequently exploited for impersonation. Analysts advised public figures to reclaim or permanently delete old accounts and for users to remain cautious when encountering links to crypto wallets or smart contracts posted on mainstream platforms.
Meme Token Sees Sharp Pump as Market Monitors BNB and BTC Stability
On-chain and market trackers indicated the targeted meme token surged sharply, with some other reports noting that the gains exceeded 200%, before retracing as early buyers liquidated positions. Two large wallets reportedly sold roughly half their holdings, realizing about $55,000 in proceeds.
Meanwhile, despite the token’s extreme intraday percentage moves, the broade4r crypto market remained largely steady. As of this writing (9:30AM UTC), TradingView’s live market data shows BNB trades at approximately $890.50, showing a modest 0.5% gain in the last 24 hours. On the other hand, Bitcoin shown a strong intraday performance, gaining around 2.4% in the day as it trades near $92,502.23.
Industry Reactions Highlight Ongoing Threat of Social-Media Exploits
The incident underscores a recurring threat vector: compromised Web2 accounts linked to high-profile crypto figures can be weaponized to promote scam tokens or malicious contract addresses. Retail holders are reminded to never trust unsolicited contract links on social media, confirm announcements via verified channels, and treat sudden token promotions with extreme skepticism. Exchanges and crypto firms are also prompted to audit public footprints and encourage staff to secure or close dormant accounts.
What’s Next
Short, sharp volatility is likely to continue in any tiny token promoted via hacked posts, but broader market effects remain unlikely unless multiple coordinated campaigns follow. Observers should track any official Binance statements, on-chain reports identifying hacker wallets, and further advisories from security firms. For users, unsolicited token links should always be treated as potential scams and verified through official exchange channels before engagement.
Summary
Binance founder CZ warned that Yi He’s old WeChat account was hijacked to promote a meme token; the token briefly spiked while analysts urged caution around dormant social accounts and unsolicited contract links.
