CAKE Jumps 16% Despite PancakeSwap’s Chinese X Account Hack
PancakeSwap, one of many largest decentralized exchanges (DEXs) on Binance Smart Chain (BSC), confirmed that its Chinese-language X account, @PancakeSwapzh, was compromised on Wednesday, October 8.
The incident coincided with the launch of the BSC meme coin on the DEX, and the dangerous actor leveraged the frenzy to hawk a rip-off token.
BSC Meme Coin Mania Draws Scammers — But PancakeSwap’s Core Stays Strong
The incident prompted pressing warnings to customers amid a frenzy surrounding BSC’s surging meme coin exercise.
The group issued an alert by its official English deal with. It cautioned followers to not click on on any latest hyperlinks or work together with posts from the compromised account.
In a follow-up, PancakeSwap confirmed that it labored straight with X’s safety group to revive management.
The compromised account reportedly promoted a fraudulent meme coin dubbed “Mr. Pancake.” Despite the social media breach, PancakeSwap’s core operations stay unaffected.
BeInCrypto’s tracker exhibits that its native token, CAKE, gained virtually 16% previously 24 hours. The token was buying and selling for $4.52 as of this writing.
The PancakeSwap breach follows an identical incident final week. BNB Chain’s official X account was compromised, prompting Binance co-founder CZ to warn customers to be further cautious.
Meanwhile, the breach coincides with renewed speculative mania on Binance Smart Chain, led by the explosive rise of the BSC meme token.
BeInCrypto reported that the meme coin launched on PancakeSwap and rocketed from under $1 million to over $32 million in market capitalization inside hours.
PancakeSwap has not linked the hack to the meme coin’s launch. Notwithstanding, the timing raises considerations about elevated safety dangers throughout heightened market pleasure.
Attackers usually exploit such moments, hijacking verified accounts to submit phishing hyperlinks or promote pretend token launches focusing on FOMO-driven traders.
PancakeSwap Price Outlook As CAKE Reclaims December 2024 Highs
Data on TradingView exhibits CAKE worth has reclaimed its December 2024 highs at $4.515 following the latest surge. This has tossed the PancakeSwap token into worth discovery, with prospects for extra good points.
Meanwhile, the bullish quantity profiles (inexperienced horizontal bars) present bulls stay in management after the CAKE worth broke above the ascending parallel channels. In hindsight, the breakout was exacerbated by the $3.416 resistance stage breach, with a retest offering the entry level for late CAKE bulls.
Therefore, $3.416 stays important in case of a correction, with the RSI (Relative Strength Index) indicator displaying CAKE is already massively overbought above 70.
Beyond $3.416, the $2.955 help stage can be important. According to the bearish quantity profiles (black horizontal bars), bears are ready to work together with the CAKE worth beneath this level.
However, to verify a development reversal, the CAKE worth should break and shut beneath the $1.634 help stage, the place the uptrend commenced in April.
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