Frax Finance X account hacked, CEO suspected of ‘inside work’ in Elon Musk’s office
Hackers have reportedly taken over Crypto Lending Platform Frax Finance's X social media accounts without entering or tapping existing passwords. But how?
Frax Finance's X account was hacked on June 1. In a desperate attempt to take control, Frex Finance CEO Sam Kazimian pleaded with his followers on X to help him find X's customer service.
According to users, X takes about 72 hours to resolve complaints related to hacked accounts. The process involves a back-and-forth that involves raising a support request with the associated email address and entering additional information as directed.
Passwords are not affected
Although Elon Musk suggested that passwords be changed during the creation of X-account agreements, Kazemian said the passwords were not compromised and that no problems at Frax Finance contributed to the breach. Instead, he suspected the involvement of an insider working at X.
“The Frax Financial X account was compromised and there was no password reset or other issues in X, so it appears to be at work or social engineering.”
More than 48 hours after the hack, Frex Finance, Kazimian or X representatives have not provided any updates regarding the recovery of the account. Therefore, the CEO's suggestion to remove all website links shared from hacked X accounts remains in effect at the time of writing.
Responses to Kazemian's call for help indicate that Frax Finance was able to get a “direct line” to X's customer support team.
Related: Protocol ‘Dark' and ‘Sovereignty' Raise Suspicions of Hacking Near X Posts
Only crypto protocols are not hacked.
Hacking X accounts is not limited to crypto protocols. Recently, the social media accounts of famous businessmen, rappers and A-list celebrities have suffered the same fate as Frax Finance.
These industry influencers and celebrity hacked X accounts used to shill various cryptocurrencies including Terra (LUNA2), ORDI and celebrity-inspired memecoins.
Many community members were shocked to see the hacker using the cheat method. “Bro could have picked any credible micro-cap to raise 10-20x, but chose to shill ORDI and LUNA2 at 10%,” said crypto analyst Miles Deutscher.
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