PancakeSwap, a decentralized exchange on Binance Smart Chain rapid popularity has caught the attention of unscrupulous participants. The DeFi project warned that a group of scammers were preaching fake airdrops and attempting to trick victims into making claims against them through fraudulent links.
PancakeSwap Team Warn Against Fake Cake Airdrop
In the past few months, DEX has gradually become popular with Binance Smart Chain. Fast and cheap transactions resulted in high utilization, which resulted in the daily transaction volume exceeding the entire Ethereum network for the past week.
When the cryptocurrency industry is booming, bad actors are usually around. The PancakeSwap team warned of fraudulent email messages via its official Twitter account in which a group of unknown perpetrators posed as DEX and promoted fake airdrops.
“There’s an ongoing email scam campaign. Scammers are pretending to be PancakeSwap, promising a FAKE airdrop of 400 CAKE in order to steal people’s funds.”
The post suggests that users mark emails as spam and delete them after receiving such request. In the screenshot provided, PancakeSwap shows that due to Ledger’s breach last year, some of the user’s emails may have been stolen without permission.
Airdrops are usually realized by distributing their native crypto tokens (free of charge) to numerous wallet addresses to increase the visibility of the project. However, PancakeSwap noted that there is no such initiative.
Cake Hits New ATH
Cake growth and the demand for decentralized exchanges, the native digital tokens have seen impressive price developments over the past few months.
Shortly after listing on Binance in February, CAKE fell below $10 and hovered between that line and $15 through the end of March. Since then, it has rapidly appreciated in value, approaching $30 in mid-April.
However, last week’s market crash damaged the price of cake as well, and assets fell below $20. However, within a few days, the token rose by more than 50%. As a result, CAKE broke $30, broke the previous record, and set a new record today at a price of nearly $35.
CAKEUSD Chart. Source: Binance
The DEX project’s market cap has risen to more than $5 billion. According to CoinMarketCap, the asset is within the first 30 coins.