The incident originated from a vulnerability in the mobile phone number recycling mechanism, which hackers exploited to use He Yi's account to publish information about the Meme coin Mubarakah contract, thereby committing fraud. This event triggered significant fluctuations in coin prices, with hackers accumulating profits of approximately $55,000, highlighting the vulnerability of the crypto market to social engineering attacks. After the account was stolen, the related Meme coin was rapidly promoted, leading to market chaos and a surge in speculative activities, reflecting the manipulability of this sector.

Specifically, after stealing He Yi's account, the hackers successfully profited by ambushing in advance and selling at high positions, which not only attracted widespread attention from the industry but also revealed the reality of manipulation in the Meme coin market. In this process, how to enhance the security protection of the crypto ecosystem has become a pressing issue for reflection.

Following this incident, Binance founder CZ confirmed the fact that He Yi's account was stolen and reminded users to be extra vigilant about account security. This news triggered concerns and reflections in the market, with users realizing that account security is not just a personal issue, but also relates to the overall health and development of the crypto ecosystem.

In recent years, similar account theft incidents have occurred repeatedly, increasing investors' unease regarding high-risk assets like Meme coins. The crypto industry urgently needs to establish a more robust protective system to effectively prevent the recurrence of social engineering attacks. At the same time, relevant platforms need to implement more comprehensive user identity verification mechanisms to mitigate the potential risks of phone number theft.

The theft of He Yi's WeChat account illustrates that security vulnerabilities in the crypto industry not only affect individual teams but can also trigger broader chain reactions. It not only resulted in direct losses for investors but also potentially weakened users' confidence in the overall market, therefore, enhancing account security and personal information protection is an important proposition for the future development of the crypto industry. Mastering and laying out effective security measures will bring a healthier and more stable future for users and the industry.

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