On October 8, PancakeSwap confirmed that its Chinese-language X (formerly Twitter) account, @PancakeSwapzh, was compromised by malicious actors who used the breach to promote a fraudulent “Mr. Pancake” token. The attack coincided with heightened speculative activity around Binance Smart Chain meme coins, creating a window for phishing and social engineering exploits.
In response, the PancakeSwap team issued a public alert through its official English handle, warning followers not to engage with any recent links or interact with posts from the compromised account. The protocol’s security team collaborated with X’s internal incident response unit to regain control of the affected profile and remove unauthorized content.
Despite the security incident, PancakeSwap’s native token, CAKE, experienced a 16% price increase, trading at $4.52 as of the latest update. Analysts attribute this resilience to ongoing demand for BSC-based assets and optimism surrounding decentralized exchange activity. Historical data from TradingView indicate that CAKE’s price surge allowed it to reclaim December 2024 highs, suggesting robust bullish momentum among decentralized finance participants.
Security experts caution that verified social media channels remain prime targets for fraudsters seeking to exploit user trust. Similar breaches have occurred across multiple blockchain-related accounts, underscoring the need for rigorous authentication measures and user vigilance. The PancakeSwap incident serves as a reminder that even established DeFi platforms must maintain robust incident response capabilities to mitigate potential reputational and financial damage.
.
Comments (0)