PancakeSwap, one of the largest decentralized exchanges (DEXs) on Binance Smart Chain (BSC), confirmed that its Chinese-language X account, @PancakeSwapzh, was compromised on Wednesday, October 8.
The incident coincided with the launch of the BSC meme coin on the DEX, and the bad actor leveraged the frenzy to peddle a scam token.
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BSC Meme Coin Mania Draws Scammers — But PancakeSwap’s Core Stays Strong
The incident prompted urgent warnings to users amid a frenzy surrounding BSC’s surging meme coin activity.
The team issued an alert through its official English handle. It cautioned followers not to click on any recent links or interact with posts from the compromised account.
In a follow-up, PancakeSwap confirmed that it worked directly with X’s security team to restore control.
The compromised account reportedly promoted a fraudulent meme coin dubbed “Mr. Pancake.” Despite the social media breach, PancakeSwap’s core operations remain unaffected.
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BeInCrypto’s tracker shows that its native token, CAKE, gained almost 16% in the past 24 hours. The token was trading for $4.52 as of this writing.
The PancakeSwap breach follows a similar incident last week. BNB Chain’s official X account was compromised, prompting Binance co-founder CZ to warn users to be extra cautious.
Meanwhile, the breach coincides with renewed speculative mania on Binance Smart Chain, led by the explosive rise of the BSC meme token.
BeInCrypto reported that the meme coin launched on PancakeSwap and rocketed from under $1 million to over $32 million in market capitalization within hours.
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PancakeSwap has not linked the hack to the meme coin’s launch. Notwithstanding, the timing raises concerns about increased security risks during heightened market excitement.
Attackers often exploit such moments, hijacking verified accounts to post phishing links or promote fake token launches targeting FOMO-driven investors.
PancakeSwap Price Outlook As CAKE Reclaims December 2024 Highs
Data on TradingView shows CAKE price has reclaimed its December 2024 highs at $4.515 following the recent surge. This has tossed the PancakeSwap token into price discovery, with prospects for more gains.
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Meanwhile, the bullish volume profiles (green horizontal bars) show bulls remain in control after the CAKE price broke above the ascending parallel channels. In hindsight, the breakout was exacerbated by the $3.416 resistance level breach, with a retest providing the entry point for late CAKE bulls.
Therefore, $3.416 remains critical in case of a correction, with the RSI (Relative Strength Index) indicator showing CAKE is already massively overbought above 70.
Beyond $3.416, the $2.955 support level is also critical. According to the bearish volume profiles (black horizontal bars), bears are waiting to interact with the CAKE price below this point.
However, to confirm a trend reversal, the CAKE price must break and close below the $1.634 support level, where the uptrend commenced in April.
Source: https://beincrypto.com/pancakeswap-chinese-x-account-hack/