Frax Finance CEO suspects inside job at X in socials hack

Frax Finance, a crypto lending platform, had its X account hacked on June 1, prompting CEO Sam Kazemian to appeal to his followers for assistance in contacting X customer service. The hack has raised concerns about the security of social media accounts and the potential involvement of insiders in such breaches.

According to Kazemian, the passwords associated with the Frax Finance X account were not tampered with, and he asserted that no issues within the company could have contributed to the breach. Instead, he suspected the involvement of an insider working at X or a case of social engineering.

https://twitter.com/samkazemian/status/1796654397403107382

Users reported that X typically takes around 72 hours to address complaints related to compromised accounts, requiring users to raise a support request with a linked email address and submit additional information as directed. Despite this, more than 48 hours after the hack, neither Frax Finance, Kazemian, nor X representatives have provided updates regarding the account’s recovery.

Responses to Kazemian’s call for help suggest that Frax Finance managed to get a “direct line” to X’s customer support team. However, the CEO’s recommendation to avoid all website links shared from the compromised X accounts remains in effect.

The hacking of X accounts is not limited to crypto protocols. Recently, prominent traders, rappers, and A-list celebrities have also fallen victim to similar hacks, with their accounts being used to shill various cryptocurrencies, including Luna2, ORDI, and celebrity-inspired memecoins.