The Binance New Co-CEO’s WeChat Hack Fuels 200% Price Surge for Mubarakah Memecoin
Key Takeaways
- According to an X post shared by the Binance founder Changpeng Zhao (CZ) today, the WeChat account of the newly appointed Co-CEO, Yi He, was hacked to promote memecoin.
- The hack was reportedly meant to promote a lesser-known memcoin called Mubarakah (MUBARAKAH).
- The price of MUBARAKAH skyrocketed to $0.002992, a more than 200% increase in the past 24 hours.
- The market cap peaked at around $6 million earlier today.
- The attackers reportedly brought the token before the attack and sold the tokens afterwards.
Binance’s New Co-CEOs’ WeChat Hack Fuels a 200% Price Surge
According to an X post shared by the Binance founder Changpeng Zhao (CZ) today, the WeChat account of the newly appointed Co-CEO, Yi He, was hacked to promote a memcoin. “Someone hacked @heyibinance’s WeChat account. Do not buy meme coins from the hackers posts. Web 2 social media security is not that strong. Stay safu!” he wrote on X.
The hack was reportedly meant to promote a lesser-known memcoin called Mubarakah (MUBARAKAH). The price of MUBARAKAH skyrocketed to $0.002992, a more than 200% increase in the past 24 hours. The 24-hour trading volume surged by over 366% to reach $22.93 million. The market cap expanded by over 200% to touch $3.01 million. The MUBARAKAH had briefly touched $0.00629 earlier today following the hack.
The bullish run was largely driven by the speculative FOMO. The traders interpreted the sudden visibility of the MUBARAKAH as a chance to speculate. The memcoins are especially sensitive to such visibility boost and community sentiments that follow. Moreover, the MUBARAKAH only had a market cap of 0.9 million earlier today, and hence, even smaller inflows caused an explosive price change. The market cap peaked at around $6 million.
The MUBARAKAH is currently trading above the 200-day Simple Moving Average, and the MACD is showing a bullish crossover. Despite both market oscillators and moving averages sending strong buy signals, it’s worth noting that the 14-day Relative Strength Index (RSI) had already entered the overbought territory with a reading of 80. So far, the all-time high reached by MUBARAKAH is $0.02604 back in March this year. The volatility remains extremely high with 40.94%. The explosive rallies of emerging memecoins are extremely fragile, and a sustained long-term bullish run is unlikely.
A Planned Attack to Drive Speculative FOMO
The attackers reportedly brought the token before the attack and then drove a speculative FOMO by exploiting a high-profile but vulnerable account. Amid the explosive rally that followed, the attackers had already sold around 11.95 tokens valued at around 43,520 US Dollars. The hacking of the newly appointed Binance Co-CEO, Yi He, gave instant visibility to the token.
Yi He was appointed as the co-CEO of Binance earlier this month. She is the co-founder and long-time partner of Changpeng Zhao. She will be leading together with Richard Teng, who took over the post of CEO after CZ got embroiled in a money laundering case and was forced to step down back in 2023.
Crypto & Blockchain Expert