PancakeSwap’s Chinese Account Hacked Amid Industry-Wide Drop in Crypto Exploits
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
PancakeSwap, the leading decentralized exchange (DEX) on the BNB Chain, recently experienced a security breach.
In the early hours of October 8, PancakeSwap’s primary X account confirmed that a hacker had compromised its Chinese subsidiary account. The breach itself appeared to originate over the weekend. Subsequently, the compromised account promoted a fraudulent meme coin named “Mr. Pancake.”
Hackers Use Fake “Mr. Pancake” Token to Target Users
However, an update from the PancakleSwap team confirmed that the fraudulent tweet itself has been taken down, and they are now in active communication with the security team at X on a resolution.
https://x.com/PancakeSwap/status/1975790495910797557
For now, the impact of the hack remains unknown. Nevertheless, the market appears to have reacted minimally, with PancakeSwap’s major token, CAKE, still seeing positive price action in spite of the event.
CAKE, which has been on an impressive run recently, currently trades at $4.52, up by 16.81% in the past 24 hours.
Crypto Hack Losses Drop in Q3 2025, but Phishing Attacks Still Pose a Threat
This event contrasts with broader industry trends. According to a recent report from blockchain security firm CertiK, total funds lost to crypto exploits fell by 37% in the third quarter of 2025.
According to a report by the firm, initial losses hit $509 million in Q3, down from $803 million in Q2. Taking a larger timeframe, Q3’s losses mark an even more impressive 70% drop from the $1.7 billion in losses reported in Q1 2025.
https://twitter.com/CertiKAlert/status/1974074402485805433?ref_src=twsrc%5Etfw
Drilling down into the specifics reveals even steeper declines in certain categories. For instance, losses stemming from code vulnerabilities plummeted to just $78 million in Q3, down from $272 million the previous quarter. Losses from phishing attacks also saw a considerable reduction.
However, this positive trend does not reveal the whole picture. CertiK’s data also identified September as the most active month on record for high-value exploits, with 16 separate incidents each resulting in over $1 million in losses.
The consistency of phishing as a primary threat vector was further demonstrated just last week. Binance co-founder Changpeng “CZ” Zhao confirmed that the official X account for the BNB Chain was also compromised.
https://x.com/cz_binance/status/1973238274241208690?s=46
A subsequent post-mortem from the BNB Chain team revealed that the account promoted a fake rewards program. Fortunately, the attack was contained quickly, resulting in only $8,000 in losses.
