The development is euphoric for many traders, who began to download the mobile app in thousands. But it turns out that the software has an ulterior function. Subsequently, traders got information that apps (all three iterations) are fake.
The supposed PancakeSwap App on Play Store is only a ruse to get traders’ seed phrases, codes, and passkeys. It does not belong to CAKE DEX.
As dramatic as its traction had been, the app left much horror in various DEX (Digital Financial Exchange) communities online. Currently, the APK is still available on the internet, optimized and flickering the Download icon in the face of users.
However, Binance Smart Chain, the platform on which PancakeSwap operates, publishes a timely notice to alert people to the scam. See below for details.
PancakeSwap App: About the DEX
PancakeSwap is one of the most adaptable cryptocurrencies, providing new margins for DEX investments. One of its most reliable aspects is its BSC (Binance Smart Chain) prior.
But PancakeSwap is not so much a swap token as an Automated Market Maker (AMM), making it a sought-after coin. As an AMM, PancakeSwap offers more fodder for DEX traders. It doubles as a reliable NFT plug, providing extras like swap, syrup pools, yield farming, liquidity pools, initial farm offering (IFO), and so on.
Also, PancakeSwap is the highest investment asset by volume on the Binance Smart Chain. Moreover, it offers various earning options like lottery and coupons (redeemable with the help of LP tokens).
However, such a multi-user product requires absolute caution, especially as regards the private details of users. That is why an app is far from pragmatic at this moment. Accordingly, the official bsc. news site already says that the PancakeSwap App is fake, all three of it.
Clones Break on the Scene
Three not-so-different apps modeled after PancakeSwap features are trending on Google right now. And they are all scam primers prompting unsuspecting users to reveal their seed phrases and other crucial details. What is the aftermath?
Those who comply lose their tokens and all implied credits, which are siphoned to a different account.
However, various DEX communities currently deplore the incident after a Reddit user raised an alert.
The three malware appear on Google Play Store, mimicking almost all the features of the genuine product. They are still there (at the time of writing), surprisingly, given that Google might have indulged public outcry to take down the apps.
The labels on the clones are:
PancakeSwap (2.6 MB with over one thousand downloads),
Pancake Swap (supposedly from Pancake Finance Ltd, has 1.9 MB and over ten thousand downloads),
And Pancake Swap (2.4 MB, supposedly from FibSwapDevelopment).
Like we mentioned previously, none of the above products are genuine.
Binance has been restive since the three fake apps, and the corresponding APKs broke on the scene. It diligently publishes an expository on its website to enlighten people about the usage arc of PancakeSwap.
In its reply to the apps appearing on Google Play Store, Binance says the following.
It is essential to know that PancakeSwap DEX does not have an application, whether IOS or Android. With this in mind, we urge everyone to avoid downloading any of these applications.
PancakeSwap App: Updates
The scam PancakeSwap applications no longer appear on Google Play Store. Apparently, Google has taken them down to stall further scamming via the platform.
The move is laudable, although a tad late for the users who have lost cryptocurrencies to scammers.