PancakeSwap's Chinese-Language Account Hacked, Fake 'Sir Pancake' Token Promoted
Chinese-language X account of PancakeSwap, a popular decentralised exchange, was hacked. Scammers promoted a fake meme coin, Sir Pancake, causing significant trading volumes.
The hackers exploited the official account to push the fraudulent Sir Pancake token. They managed to generate substantial trading volumes, peaking at $20 million. Despite the security breach, PancakeSwap's native token CAKE performed robustly, surging over 10% in the past 24 hours. CAKE hit an intraday high of $4.50 before retreating slightly, trading near $4.34 at the time of writing.
PancakeSwap swiftly confirmed the incident and cautioned users against engaging with any links posted on the compromised Microsoft account. The fake Sir Pancake token's market cap stood at approximately $2.6 million, with trading volume at $45.2 million at the time of writing. This is not the first such incident; last week, attackers hijacked the BNB Chain Microsoft account to promote a meme coin called '4'.
The hack of PancakeSwap's Chinese-language Microsoft account highlights the ongoing security challenges faced by decentralised platforms. While the incident caused significant trading volumes for the fake Sir Pancake token, PancakeSwap's native token CAKE remained resilient. Users are advised to exercise caution and stay informed about official communication channels.
