PancakeSwap’s X Account Compromised, Hacker Promotes Scam Token

Early Wednesday, hackers gained access to the Chinese X account of popular decentralized exchange (DEX) PancakeSwap and promoted a scam crypto token called “Mr. Pancake.” Luckily, the team behind the BNB Chain-based DEX detected the hacking incident early and warned the public through PancakeSwap’s English X account.

At the time of writing this article, the hackers are still in control of the X account, given that the promotional posts have not been deleted. However, the PancakeSwap team says it’s actively working with X to regain access and cautions followers against clicking any links shared on the affected account.

How is CAKE Performing Amid Security Breach?

Notably, the Native token (CAKE) of the DEX has not shown a negative response to the latest security breach. According to data from CoinGecko, CAKE has added 3.4% to its value over the last 24 hours. It’s currently changing hands for $4.28.

Another Crypto Project’s X Account Hacked

PancakeSwap isn’t the only BNB Chain project to have been targeted in recent days. Last week, the X account of BNB Chain was hacked, with the scammers promoting a reward program that allegedly gave participants $BSC tokens. However, those who connected their wallets to the platform running the program saw their funds drained. Changpeng Zhao, the founder of BNB Chain, reported that the hackers had managed to steal at least $11,000 worth of crypto before the team regained access to the X account.

Why Are Hackers Targeting BNB Chain Projects?

The meme coin market on BNB Chain has been booming since September. Shan Zhang, a top official at blockchain security company Slowmist, now says hackers are targeting the X accounts of popular projects on BNB Chain in an attempt to steal from traders seeking to make quick profits from the hot meme coins being launched on that network.

But why are X accounts easily hacked? Zhang argues that scammers are gaining unauthorized access to these accounts because admins lack security awareness. He claims that most X account controllers enable two-factor authentication with a linked phone number, not knowing that they could be targeted through SIM-swap attacks, which allow hackers to access the accounts.

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