Coinspeaker
Crypto Lending Platform Frax Finance X Account Hacked, CEO Suspects Inside Job
According to recent reports, the X account of the crypto lending platform Frax Finance was allegedly hacked on June 1. The incident has raised concerns within the crypto community.
Frax Finance CEO Sam Kazemian acted swiftly in an attempt to regain control of the compromised account. He reached out to the community for assistance in contacting X’s customer service. However, users informed him that resolving such issues could take up to 72 hours.
The recovery process involves submitting a support request through the linked email address and providing additional information as required.
Although Elon Musk’s X platform advises users to change their passwords in case of account compromises, Kazemian confirmed that the passwords were not altered and ruled out any internal issues at Frax Finance. He suspected that an insider at X might be involved. The Frax Finance CEO stated:
“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 has been 48 hours since the hacking incident, and there have been no updates on the account’s recovery. The CEO has advised everyone to avoid clicking on any links shared from the compromised X account.
Following Kazemian’s plea for help, it appears that Frax Finance has established direct communication with X’s customer support team.
Increase in Crypto-Related Hacks
Recently, there has been a rise in hacking incidents targeting crypto platforms. A common method involves compromising the social media accounts of these platforms. However, such hacks are not limited to crypto protocols alone.
Last week, social media profiles of well-known traders, rappers, and A-list celebrities faced similar issues. The compromised X accounts of these influencers and celebrities were used to promote various cryptocurrencies, including Luna2, ORDI, and meme coins inspired by celebrities.
Some community members noted that the hacker did not fully exploit the scam’s potential. “Bro could’ve picked ANY believable micro-cap to pump 10-20x, yet chose to shill ORDI and LUNA2 for a measly 10% wick,” commented crypto analyst Miles Deutscher.
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Crypto Lending Platform Frax Finance X Account Hacked, CEO Suspects Inside Job
