Frax Finance X hacked, CEO suspects ‘inside job’ at Elon Musk’s office

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A hacker allegedly gained control of crypto lending platform Frax Finance’s X social media account without accessing or tampering with existing passwords. But how?

Frax Finance’s X account was hacked on June 1. In a desperate attempt to regain control, Frax Finance CEO Sam Kazemian appealed to his followers on X for assistance in contacting X customer service.

Users reported that X takes roughly 72 hours to address complaints related to compromised accounts. The process involves raising a support request with a linked email address and going through a back-and-forth that involves submitting additional information as directed.

Source: Sam Kazemian

Passwords were not tampered with

While Elon Musk’s X suggests changing passwords during account compromises, Kazemian alleged that the passwords were not tampered with and asserted that no issues within Frax Finance could have contributed to the breach. Instead, he suspected the involvement of an insider working at X. He said:

“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.”

More than 48 hours after the hack, Frax Finance, Kazemian, or X representatives have provided no new updates regarding the account’s recovery. Consequently, the CEO’s recommendation to avoid all website links shared from the compromised X accounts remains in effect at the time of writing.

Responses to Kazemian’s call for help suggest that Frax Finance managed to get a “direct line” to X’s customer support team.

Related: Near Protocol ‘darkness’ and ‘sovereignty’ X posts raise hack suspicion

Not just crypto protocols get hacked

The hacking of X accounts is not limited to crypto protocols. Recently, the social media accounts of prominent traders, rappers, and A-list celebrities experienced the same fate as Frax Finance.

These industry influencers’ and celebrities’ hacked X accounts were used to shill various cryptocurrencies, including Luna2, ORDI and celebrity-inspired memecoins.

Many community members were appalled to see the hacker not making 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.

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