On June 1st the X account of Frax Finance got hacked by someone who didn’t know the passwords except for the company. CEO Sam Kazemian thinks that someone from inside has helped the hackers.
Someone managed to hack Frax Finance’s X account without changing or stealing the passwords. How did they do that?
Hackers got control of the Twitter account of Frax Finance on June 1. He asked his followers on X to help him contact X customer service so that he could get his account back under control.
When users have a problem on X, it takes almost three days to get fixed. The process involves sending an email to customer service asking for help. Then you may need to send a few times more information back and forth until your problem is sorted out.
Passwords were not changed
Elon Musk recommends that the password changes in case of compromised accounts. Kazemina said that the hackers didn’t change the password. Moreover, he claimed that there must have been a person insider at X, and the problems within Frax Finance were not responsible for the breach.
He 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.”
Neither Kazemian, Frax Finance, nor the X representative provided any update about the X account recovery even after 48 hours of the hack.
As a result for the time being the CEO recommends that not to click on the links shared from the hacked account.
Frax Finance found a fast way to reach the customer support team of X as per replies to Kazeman’s plea for help.
Hacking isn’t exclusive to crypto protocols
Hackers not only targeted the X account with crypto protocols. Recently many rappers, A-list celebrities, and well-known traders also faced the same issue as Frax Finance.
After hacking the X accounts of celebrities, hackers used to promote different cryptos like Ordi (ORDI), meme coins inspired by celebrities, and Terra (LUNA2).
The fact that the hackers were not benefiting most from the scam shocked and disappointed a lot of the community.
Miles Deutscher, a crypto expert, stated,
“Bro could’ve picked ANY believable micro-cap to pump 10-20x, yet chose to shill ORDI and LUNA2 for a measly 10% wick.”
