Frax Finance’s X account was hacked on June 1, despite no passwords being breached or tampered with. The incident has led CEO Sam Kazemian to suspect insider involvement at X, possibly pointing to a social engineering attack.
CEO’s Appeal and Account Recovery Efforts
Following the hack, CEO Sam Kazemian urgently appealed to his followers on X for help in contacting X customer service to regain control of the account. Users noted that X typically takes around 72 hours to respond to complaints about compromised accounts. The recovery process involves raising a support request with a linked email address and providing additional information as needed.
Suspicions of Insider Involvement
Kazemian emphasized that the passwords were not tampered with and asserted that there were no issues within Frax Finance that could have contributed to the breach. He suggested that the hack might have been an inside job or involved social engineering within X. Kazemian 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.”
Also Read: Japanese Crypto Exchange DMM Bitcoin Loses $305M in Hack
Ongoing Issues and Recommendations
More than 48 hours after the hack, there were no updates from Frax Finance, Kazemian, or X representatives regarding the account’s recovery. Kazemian advised avoiding all website links shared from the compromised X account. However, responses to his call for help indicated that Frax Finance might have established a “direct line” to X’s customer support team.
Broader Context of X Account Hacks
The hacking of X accounts is not limited to crypto protocols. Recently, social media accounts of prominent traders, rappers, and A-list celebrities have also been compromised. These hacked accounts were used to promote various cryptocurrencies, including Terra (LUNA2), Ordi (ORDI), and celebrity-inspired memecoins.
