Coinspeaker
Crypto Lending Platform Frax Finance X Account Hacked, CEO Suspects Inside Job
As per the latest report, a hacker has allegedly gained control over the X account of crypto lending platform Frax Finance. This hacking incident took place last weekend on June 1.
Frax Finance CEO Sam Kazemian took some quick measures in a desperate attempt to get control over the account. He approached the community to help him get in touch with the X customer service. However, the users reported that it would take anywhere close to 72 hours in order to address the complaint related to the compromised account.
The process basically involved raising a support request through the linked email address and going back and forth while submitting additional information as requested.
While Elon Musk’s X recommends changing passwords during account compromises, Kazemian asserted that the passwords were not tampered with and confirmed that no internal issues at Frax Finance could have led to the breach. He suspected the involvement of an insider at X instead. The Frax Finance CEO added:
“Frax Finance X account is compromised and appears to be inside job or social engineering within X since no password reset or other issues within Frax itself.”
It’s been 48 hours since the hacking incident of Frax Finance’s X account, however, there’s been no new updates on the account’s recovery. The CEO has asked everyone to steer clear of all website links shared from the compromised X accounts still stands.
According to responses following Kazemian’s plea for assistance, Frax Finance appears to have established a direct channel to X’s customer support team.
The Rise In Crypto-Related Hacks
Much recently, there’s been an uptick in the hack of crypto platforms. One of the major common ways is to compromise the social media accounts of these crypto platforms. However, the hacking of X accounts isn’t just limited to crypto protocols.
Last week, the social media profiles of well-known traders, rappers, and A-list celebrities encountered issues similar to those of Frax Finance. The compromised X accounts of these industry influencers and celebrities were utilized to promote various cryptocurrencies, such as Luna2, ORDI, and meme coins inspired by celebrities.
However, some community members stated that the hacker didn’t make the most of the scam. “Bro could’ve picked ANY believable micro-cap to pump 10-20x, yet chose to shill ORDI and LUNA2 for a measly 10% wick,” said crypto analyst Miles Deutscher.
Crypto Lending Platform Frax Finance X Account Hacked, CEO Suspects Inside Job
