In brief
- PancakeSwap’s Chinese X account was hacked to promote a scam meme coin token.
- CAKE token’s price remains largely unaffected.
- Security experts noted weak user security awareness and phishing as key reasons.
The official Chinese X account of decentralized exchange PancakeSwap was hacked on Tuesday, used to promote a fraudulent meme coin named “Mr. Pancake.”
Despite the security breach, the platform’s native token, CAKE, remains up 6.4% over the past 24 hours after reaching an intraday high of $4.50. It has since cooled to $4.30 according to CoinGecko data.
The official account posted an update stating that they are “actively working with the X team to resolve the issue,” while their earlier tweet warned users not to click any links from the compromised account.
The incident highlights a persistent vulnerability for major crypto pro
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Author: Akash Girimath
