Scammers impersonate PancakeSwap platform and started sending emails to users saying they will perform a 400 CAKE airdrop which is worth more than $12,000 as we can see more in our latest crypto news.
The increasing popularity of PancakeSwap which is a decentralized exchange that is running on the Binance Smart chain caught the attention of bad actors and now the project warned that a group of scammers is promoting fake airdrops that are trying to lure victims into claiming them via a scam link. The popularity of the DEX employing the Binance Smart Chain went through the roof in the past few months and the fast and cheap transactions resulted in high utilization which led to even surpassing ETH in terms of daily transactions last week.
When something in the crypto industry booms, bad actors usually try and get their hands on fast. Using the official Twitter account, the team of Pancakeswap warned about scam emails where groups of unknown perpetrators try and impersonate the DEX and promote a fake airdrop. The warning read:
“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 advised users to mark the email as spam and delete it if they receive more offers. In the screenshots, we can see that PancakeSwap showed that some of the users’ mails could have been even taken without permission from the breach of Ledger last year. The scammers impersonate Pancakeswap right when the platform is booming in use cases and demand. For example, its native token enjoyed some impressive gains and price performances.
While the growing use cases and demand for the decentralized exchange rises, CAKE then dipped below $10 before being listed on Binance and ranged between the line of $15 until the end of March. It started to appreciate in value since then and neared $30 in the middle of April. Last week’s market crash however affected CAKE, as well as the coin, dipped below $20. Nevertheless, the coin spiked back about 50% in one day and now overcame the level, marking an ATH on Binance.
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The project’s market cap grew to $5 billion and now the asset is within the top 30 coins.
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