PancakeSwap’s official Chinese-language X (formerly Twitter) account was briefly compromised to advertise a scam meme token, though the decentralized exchange’s native token CAKE showed limited downside and instead posted gains during the incident.
Key Takeaways:
- PancakeSwap’s Chinese X account was hacked then went to promote a fake meme token, an exploitation path that can steer users toward malicious smart contracts and phishing pages.
- Despite the security incident, CAKE’s market price showed resilience and was trading near $4.28, up in the 24-hour window, showing signs of resilience amid exploit.
- Technical momentum readings placed CAKE in overbought territory (RSI ~71), suggesting short-term upside is possible but also that a pullback could follow if buyers step
PancakeSwap’s Chinese-language X account was compromised and used to publish posts promoting a meme-style token that, according to security observers, was designed to trick users into interacting with a malicious contract or bridge link. Social-media account takeovers remain an effective attack vector: threat actors count on brand trust and fast-moving followers to create a rush into low-liquidity tokens. Decrypt reported the hijack and noted security experts flagged weak user awareness and phishing as contributing factors.
PancakeSwap’s main X (formerly Twitter) handle shows continued activity from the project, but the Chinese-language channel is where the malicious posts appeared, underscoring the risk of exposed or credential-shared sub-accounts. The posts were taken down after the team (or platform moderators) intervened; at the time of reporting there were no public confirmations of funds stolen directly from PancakeSwap’s protocol contracts. PancakeSwap also posted an update as they have regained full control of the compromised account, adding their thanks to the community and partners for raising awareness promptly, as well as the support they received during the incident.
CAKE Token Holds Steady Amid Social-Media Hack
Market response to the hack was impressively muted, where CAKE still holds firm in its upward momentum. At the time of writing (10:30AM UTC), CAKE trades at approximately $4.42, a 7.9% increase in the last 24 hours while peaking $4.55 today with intraday lows seen near $4.06, according to CoinGecko’s real-time market data.
Trading volume remained elevated, suggesting active participation but no panic-driven sell-offs. CoinMarketCap and CoinGecko data confirm the token’s price resilience amid broader market movements.
From a technical standpoint, momentum indicators showed strong buying pressure, with the 14-period Relative Strength Index (RSI) around 71. This places CAKE in classic overbought territory, signaling that while short-term gains are possible, a retracement may occur if traders take profits. Elevated volume alongside an overbought RSI could prompt temporary consolidation even if the medium-term trend remains constructive.
Experts Caution on Social-Media Token Scams
Security analysts emphasized that social-media account takeovers, not protocol flaws, pose the main risk to users. They recommend verifying contract addresses, using official platform links, and treating token promotions from social posts as high-risk. The incident serves as a reminder for crypto wallet users to stay vigilant when engaging with social-media-driven tokens.
Outlook: Limited Fallout, Focus on Security
The hack appears to have minimal impact on CAKE’s price and PancakeSwap’s reputation. Traders should watch momentum indicators for short-term consolidation, while long-term investors remain focused on the protocol’s DeFi offerings. The event reinforces the importance of using official links and verifying token contracts.
Summary
PancakeSwap’s Chinese-language X account was briefly compromised to promote a scam token, but CAKE stayed resilient, even posting gains around $4.42. The team restored control and warned users. Short-term, RSI ~71 hints at possible consolidation; longer term, fundamentals remain intact.
