PancakeSwap confirmed the hack on Oct. 8 during Asian morning hours, urging users not to click on any links shared from the account.
“Our team is investigating the issue and will provide updates only through this official account @PancakeSwap,” the team stated on X. In a follow-up, they added that they are collaborating with X to resolve the situation.
Crypto.news contacted PancakeSwap for more information but had not received a response.
According to community members, the hacker briefly promoted a fake token in a series of now-deleted posts, with trading volumes reportedly spiking to as much as $20 million immediately after launch.
At the time of reporting, Dexscreener data showed the token had fallen more than 50% over the past six hours, with a market cap of around $2.6 million. Trading activity remained high, totaling $45.2 million, indicating users were actively buying and selling the meme coin.
A similar incident occurred last week when attackers took over the BNB Chain X account to promote a memecoin called “4” and execute a rug pull. After Binance regained control, the community supported the token, which surged nearly 500%.
CAKE price remains steady
Despite security breaches typically affecting investor confidence, PancakeSwap’s native token CAKE remained largely unaffected, buoyed by the protocol’s strong recent performance.
CAKE reached an intraday high of $4.50 before pulling back slightly to trade around $4.34 at the time of writing, still marking a gain of over 10% in the past 24 hours.
