There’s a persistent, comfortable myth in the crypto community: that the most powerful figures, those with billions on the line, operate inside a digital fortress. When news hit that Binance co-CEO Yi He’s WeChat account had been hacked to orchestrate a $55,000 memecoin pump, that myth shattered immediately. The incident didn’t require insider collusion or a complex zero-day exploit; it required only a neglected account and a basic Web2 flaw.
Credit from Crypto Lab24
Myth 1: The Exchange Is Secure, So Its Executives Must Be Safe Too
The first myth we must bust is equating institutional security with personal security. Binance’s core infrastructure likely runs on top-tier security protocols. Binance co-CEO Yi He’s personal digital footprint, however, was vulnerable because of its weakest link: an old phone number and the account recovery mechanism of a non-crypto social platform. CZ himself said it best: “Web 2 social media security is not that strong.” This distinction is vital. A fortress is only as strong as its outer walls, and for crypto’s biggest names, that outer wall is often their social media presence.
Myth 2: Scammers Only Target Small, Illiquid Tokens
Some believe major hacks only target established, high-value crypto assets. Not true. The MUBARA pump-and-dump proved that quick, coordinated manipulation of a low-cap memecoin can be incredibly profitable when paired with maximum influence. The attackers achieved a massive short-term gain by leveraging the credibility of Binance co-CEO Yi He’s name. The goal isn’t always to steal large sums from a treasury; sometimes, the goal is to transfer small sums from thousands of retail investors very quickly.
Myth 3: Binance co-CEO Yi He’s Influence Is Only Relevant on Crypto-Native Platforms
This incident took place on WeChat, a platform that, while popular globally, is not crypto-native like Telegram or Discord. Yet, its deep integration into Asian trading communities made it the perfect launchpad. The scam worked because the market respected the perceived source. The hackers understood that influence crosses platforms, and they successfully weaponized trust from a non-crypto source to manipulate a crypto asset. This highlights the integrated risk: all executives need to audit their entire digital history, not just their crypto-specific accounts.
