Hackers compromised the Chinese DEX exchange PanCakeSwap's social media account to promote the fake memecoin "Sir Pancake."
The PancakeSwap team confirmed the hack and asked users not to click on links posted on the account.
Our team is investigating to resolve the issue. Updates will only be posted on this official PancakeSwap account, - the PancakeSwap team wrote.
In a series of posts that were later deleted, the attacker promoted a fraudulent token, which, according to some community members, reached a trading volume of $20 million immediately after its launch.
According to data from the Dexscreener platform, the dubious memecoin has fallen more than 50% in the last six hours, bringing its market cap to $2.6 million. Meanwhile, the trading volume reached approximately $45.2 million, indicating that users were actively trading Sir Pancake.
Security incidents involving official accounts typically negatively impact investor sentiment, but holders of CAKE, the native token of the PancakeSwap exchange, appear unfazed, thanks in part to the protocol's strong performance in recent weeks. The cryptocurrency has risen by more than 10% in the past 24 hours.