Chinese social media influencers have been targeted in a wave of WeChat account hacks, with attackers suspected of exploiting the messaging platform’s security feature meant to keep them out.
Since April, multiple victims claim hackers gained access to their WeChat login credentials and then triggered the platform’s “friend verification” system. This security feature, one of three login options on WeChat, allows a user’s contacts to receive verification requests on their behalf when logging into a new device. It’s intended as a backup when SMS or QR code authentication is unavailable.
“Cos,” co-founder of blockchain security firm SlowMist, broke down the method in a June 17 post on X. He noted that attackers appear to target contacts with whom victims had minimal interaction, increasing the chances those users might mindlessly approve the request and forward the code.
In one case reported by X user “yyd8888” on April 15, the hackers allegedly used the “Moments” feature — similar to Instagram Stories — to post fake offers to buy Tether (USDT) at 7.42 yuan per dollar. At the time, the actual exchange rate was around 7.32 yuan, making it appear to be a favorable deal.
Another X user, “liangxihuigui,” also reported being hacked on April 15, though he claims the hacker used the SMS verification method.
“The login came from a device labeled ‘Chen Zhihui,’ clearly meant to make me suspect someone close to me,” he wrote. “But I know that person doesn’t have the skills to pull this off.” He said he placed his account under emergency freeze and still doesn’t know how many people may have been scammed using his name.
Cos warns WeChat users to avoid adding unknown individuals to WeChat.
Korbit denies it got hacked after 12-hour emergency maintenance
South Korean cryptocurrency exchange Korbit has denied being hacked after an unannounced maintenance event on June 16 that left users locked out for half a day.
The abrupt maintenance began at 2:30 pm local time on June 16 and was initially scheduled to end at 11:00 pm. However, repeated delays pushed the resumption of trading to 3:00 am.
The company publicly stated that the issue has been resolved and that user funds remain safe.
Netizens — a common term for online community members in East Asian countries — expressed concern and even speculated whether the exchange had been hacked and was scrambling behind the scenes.
“There were absolutely no issues related to hacking, external attacks or data leaks,” a Korbit spokesperson told Magazine. “The system disruption was caused by internal network instability and has now been fully resolved.”
Founded in 2013, Korbit is one of South Korea’s oldest crypto exchanges and one of the five local platforms legally permitted to provide crypto-to-fiat services.
It operates under the NXC umbrella, which owns a 61.85% stake in the exchange and recently lent 28.2 billion Korean won ($20 million) worth of crypto to Korbit.
NXC also owns Nexon, a South Korean game developer listed in Tokyo and currently the 21st largest publicly traded Bitcoin-holding company, according to BitcoinTreasuries.NET.
Nexon has also been making waves in the blockchain gaming scene with the launch of MapleStory N — a blockchain revival of the classic side-scrolling RPG that was a hit in the 2000s and early 2010s. The game is paired with a related cryptocurrency issued on Avalanche.
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Hong Kong’s stablecoin rules set for August
Hong Kong Financial Secretary Paul Chan confirmed that the Stablecoin Ordinance, recently passed by Hong Kong’s Legislative Council, will take effect on Aug. 1 as part of the city’s broader digital finance roadmap.
The law establishes a formal regulatory framework for stablecoin issuers, requiring them to obtain licenses from the Hong Kong Monetary Authority (HKMA) and demonstrate real-world use cases with clear economic utility.
In a June 15 blog post, Chan said that licensed issuers will be allowed to peg their stablecoins to a variety of fiat currencies, not just the Hong…
cointelegraph.com