In an unexpected turn of events, PancakeSwap, one of the most popular decentralized exchanges on the BNB Chain, has confirmed that its official Chinese-language X account was compromised in a targeted phishing attack on October 8, 2025.
The compromised account was used to promote a fake token called “Sir Pancake,” which managed to generate over $20 million in trading volume before the deception was caught.
The issue came to light when suspicious posts appeared on PancakeSwap’s Chinese X account, promoting what was described as an “official” PancakeSwap token launch.
The attackers used the Chinese X account to lure users to phony airdrops and “Mr Pancake” meme token launches, leading users to websites that looked identical to PancakeSwap’s real site.
These sites employed clever domain swaps, such as replacing an “i” with an “l,” to deceive users. Once victims connected their wallets, hackers drained their funds instantly using smart contract approvals.
PancakeSwap confirmed that the hack was limited to its Chinese X account and that no user funds or platform assets were affected. The team acted fast, deleting the fake posts and warning users to trust only official announcements.
A full investigation is now underway to trace how the breach happened. PancakeSwap also said it is strengthening account security and verification to prevent future incidents.
The team reassured users of its commitment to safety and transparency, confirming that all funds remain secure.
The crypto community quickly raised phishing alerts, warning others to stay cautious. Still, some traders fell for the fake “Sir Pancake” token, losing between $8,000 and $13,000 before the scam was exposed.
Despite the hack news on PancakeSwap’s official Chinese X account, the platform’s token CAKE has jumped 15% in the past 24 hours, trading above $4.50. The news hasn’t scared investors, as PancakeSwap’s market cap has climbed to $1.47 billion, with trading volumes crossing $1.18 billion.
This strong price action shows that demand for DeFi tokens remains high. Many traders still trust PancakeSwap, especially because the team quickly addressed the hack
On top of that, its new product launches and regular token burns are giving investors more reasons to stay bullish, even with short-term risks in play.
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