PancakeSwaps X account was hacked and used to promote a scam coin. However, unlike other coins that crash with a security breach, Pancake Swaps native token CAKE held its ground.
Decentralized exchange PancakeSwaps’ X account was hacked on Tuesday and was used to endorse a fraudulent memecoin named “Mr. PanCake”. Shortly after the takeover, the exchange notified its community on X and stated, “Our Chinese account @PancakeSwapzh has been compromised,” and advised the community to click on any links provided.
Unlike other tokens that crash with reported hacks, CAKE held its ground during the PancakeSwap X account hack. The token has been holding strong on its price and has not reacted to this incident. At the time of writing, the token is trading at $4.29, having gained more than 70% during the past 7 days.
On the 4-hour chart, CAKE is trading inside a rising wedge, which is a bearish pattern. However, since the pattern is not complete, the token might hit the upper trendline, producing new higher highs a few more times until the breakout. When the time for the breakout comes, the CAKE will crash and look for support at $3.66.
Just a few hours later, in a follow up post on X, PancakeSwap stated that it was working on resolving the issue.
Just a week before the PancakeSwap X account hack, BNB chain’s X account came under attack, and the user who took over the account falsely promised early $BSC rewards to those who participated within the first 24 hours in vote on “upcoming $BSC rewards date.”
