PancakeSwap Warns Users After Hack Promotes Fake “Mr Pancake” Token and Phony Airdrops

PancakeSwap Chinese X Account Breach Leads To $20 Million Fake Token Trading Surge

A targeted phishing attack has hit PancakeSwap’s Chinese-language X account, sparking a brief but intense surge in fake token activity.

The compromised account promoted a fraudulent token called “Sir Pancake,” which racked up over $20 million in trading volume before the scheme was uncovered.

How Hackers Exploited PancakeSwap’s Social Media

Suspicious posts on the Chinese X account drew attention after claiming an “official” PancakeSwap token launch.

Attackers lured users with fake airdrops and meme token promotions under the guise of “Mr Pancake,” directing victims to counterfeit websites nearly identical to PancakeSwap’s platform.

These sites used subtle domain changes, such as replacing an “i” with an “l,” to trick users.

Once wallets were connected, hackers drained funds instantly through smart contract approvals.

PancakeSwap Confirms User Funds Remain Safe

Despite the high-profile breach, PancakeSwap clarified that no platform funds or user assets were compromised.

The team swiftly removed fraudulent posts and urged users to rely only on official announcements.

A full investigation is ongoing to uncover how the X account was compromised.

PancakeSwap emphasised that user and platform funds were not affected and said it is strengthening account security and verification procedures to prevent similar incidents.

Community Alerts And Early Losses

Crypto users quickly raised phishing warnings online, but some traders still fell victim, losing between $8,000 and $13,000 before the scam was exposed.

The incident reflects persistent risks around social media security for major crypto projects, particularly Binance-related platforms.

Shān Zhang, chief information security officer at Slowmist, noted,

“Social media accounts are easily hacked because many controllers have weak security awareness and are susceptible to phishing attacks.”

CAKE Price Climbs Despite Security Incident

Remarkably, PancakeSwap’s native token CAKE saw a 15% jump over 24 hours, trading above $4.50 amid the news.

Market confidence appears supported by the platform’s ongoing developments, including the CAKE.PAD feature, which allows early access to new tokens without staking, and a syrup pool for ZEUS tokens launched in partnership with Zeus Network.

PancakeSwap also reported record trading volumes for the quarter, signalling strong user engagement.

Why DeFi Projects Remain High-Value Targets

The attack comes a week after BNB Chain’s X account was compromised, highlighting an ongoing vulnerability across crypto platforms.

Scammers see strong opportunities in the market, as Zhang noted:

“The BNB meme coin market is very hot these days.”

This popularity makes it a lucrative target for those looking to exploit users.

Platform Response And Next Steps

PancakeSwap confirmed it is working with the X team to resolve the breach and prevent further incidents.

Users are advised to ignore any links from the compromised account while the platform strengthens account security and verification procedures.

The episode emphasises the ongoing risks associated with social media-linked scams, even as DeFi platforms continue to attract significant investment and user activity.