TLDR
- PancakeSwap’s Chinese X account was hacked, promoting a fake token that generated $20M in trading volume before being exposed.
- The hack exploited phishing tactics with fake sites, draining users’ funds after wallet approvals, though no platform assets were lost.
- Despite the breach, PancakeSwap’s CAKE token surged 15%, reaching $4.50, with market cap hitting $1.47B and trading volumes surpassing $1.18B.
- PancakeSwap acted quickly to delete fake posts and warned users to avoid interacting with compromised links, strengthening security measures.
PancakeSwap, a major decentralized exchange on the BNB Chain, recently confirmed that its Chinese-language X account was compromised due to a phishing attack. The breach occurred on October 8, 2025, and led to hackers promoting a fake token, “Sir Pancake,” which generated over $20 million in trading volume. The platform has advised users to avoid interacting with any links shared from the compromised account to prevent further risks.
Phishing Attack Targets PancakeSwap’s Chinese X Account
On October 8, 2025, PancakeSwap became aware of a compromise on its official Chinese-language X account. The attackers used this breach to promote the fraudulent “Sir Pancake” token, deceiving users with a fake airdrop and token launch. The scam resulted in more than $20 million in trading volume before it was identified.
The platform acted swiftly to remove the fraudulent posts and assured the community that no funds or assets were lost. The breach was limited to PancakeSwap’s Chinese X account, and the team began investigating the cause of the attack. PancakeSwap also stated that it was taking immediate steps to strengthen security measures and prevent future incidents.
Deceptive Tactics and Phony Websites
Hackers behind the attack employed clever tactics to mislead users. They created fake websites that closely resembled PancakeSwap’s official platform. The domain names used minor alterations, such as changing an “i” to an “l,” making the sites look authentic. Users who connected their wallets to these fraudulent sites had their funds drained instantly due to smart contract approvals.
PancakeSwap strongly warned users to avoid engaging with any links from the compromised Chinese account. They advised users to only trust official communication from PancakeSwap to protect themselves from further scams.
Community Response and Market Impact
Despite the breach, PancakeSwap’s community quickly responded by warning others about the phishing scam. However, some traders still fell victim to the scam, losing amounts between $8,000 and $13,000 before the issue was detected.
Interestingly, the platform’s token, CAKE, experienced a 10% price increase within 24 hours of the attack, reaching over $4.46. This price surge shows that investor confidence in PancakeSwap remains strong, as its market cap grew to $1.47 billion with trading volume surpassing $1.18 billion.
Enhanced Security Measures and Future Precautions
PancakeSwap reassured its users that it remains committed to improving security and transparency. Following the breach, the platform is implementing stricter account verification protocols to prevent similar incidents. The team also emphasized that no user funds were impacted, ensuring the community that their assets are secure.
PancakeSwap’s response to the hack highlights its focus on protecting user interests while continuing to expand its offerings, including the recent launch of CAKE.PAD. Despite the breach, the platform’s quick action and the strong performance of its native token reflect its resilience and ongoing market appeal.
