WeChat, with over 1.2 billion monthly active users, stands as the most popular messaging and social media platform in China and third globally. Instead of TLS, WeChat mainly uses a proprietary network encryption protocol called "MMTLS". We performed the first public analysis of the security and privacy properties of MMTLS and found it to be a modified version of TLS 1.3, with many of the modifications that WeChat developers made to the cryptography introducing weaknesses.We also discovered a second layer of encryption inside MMTLS which we refer to as "Business-layer encryption". We analyzed the security and privacy of Business-layer encryption and found serious issues including metadata leak, forgeable integrity check signatures, potential AES-CBC padding oracle and Key, IV re-use in block cipher mode. These issues are not directly exploitable thanks to the protection of outer MMTLS encryption.Finally, we hypothesize that WeChat's double-layer encryption is a technical debt, and discuss the wider trend of Chinese apps rolling their own crypto.