The decentralized cryptocurrency exchange PancakeSwap has suffered an attack on its official Chinese account on X (formerly Twitter). Malicious actors gained control of the account PancakeSwapzh and posted advertisements for a fake meme coin, Mr. Pancake, attempting to mislead users and lure them into clicking on dangerous links.
This is reported by Finway
PancakeSwap’s Response and Security Measures
The PancakeSwap team promptly alerted the community about the breach and urged users not to engage with suspicious posts. The platform emphasized that it is working to resolve the issue alongside representatives from X, and updates regarding the situation will be provided exclusively through the official account.
“Our Chinese account PancakeSwapzh has been hacked. Please do not click on any links or interact with the posts. Our team is conducting an investigation to resolve the issue. Updates will only be published through this official PancakeSwap account,” the project team stated.
Later, exchange representatives noted that they are closely collaborating with the X team to regain control of the account and urged users to remain vigilant.
Social Media Vulnerabilities and Expert Recommendations
Despite the incident, the value of the CAKE token was hardly affected: according to CoinGecko, over the course of a day, the asset increased by 9.6% and reached an intraday high of $4.55, before dropping to $4.39.
Cybersecurity experts emphasize that the cause of such attacks is low user awareness and phishing schemes. Slowmist’s Chief Information Security Officer, Shang Zhang, highlights the importance of cyber hygiene:
“Social media accounts are easy to hack because many users have a poor understanding of security and are easily susceptible to phishing attacks.”
Among the recommendations are the use of two-factor authentication, complex passwords, and increasing cyber education to protect accounts from compromise.
Kerberus CEO Alex Katz also notes that employees and developers often become targets for malicious actors due to a lack of attention to security. He emphasizes that companies must strictly implement protective protocols within their operations.
This attack is yet another example of the rising number of incidents involving the compromise of accounts belonging to major crypto projects on social media. Previously, a similar scheme affected the Chinese account of BNB Chain, from which hackers managed to obtain $13,000 through phishing links, as well as the accounts of Strategy (formerly MicroStrategy) and the Nasdaq exchange, which were used to distribute fake tokens and airdrops.