Hacker Reportedly Takes Control of Lending Platform’s Social Media Account

A hacker has reportedly taken control of cryptocurrency lending platform Frax Finance’s social media account X without accessing or altering existing passwords. but how?

Frax Finance account X was hacked on June 1. In a desperate attempt to regain control, Sam Kazemian, CEO of Frax Finance, begged his followers on X to help him contact X customer service.

Users reported that X took around 72 hours to process complaints about hacked accounts. The process includes submitting a support request using an associated email address and corresponding back and forth including sending additional information as indicated.

source: Sam Kazemian

Passwords have not been tampered with

While that of Elon Musk Instead, he suspected the involvement of an internal working at X. He said:

“Frax Finance

More than 48 hours after the hack, neither representatives from Frax Finance, Kazemian, or X have provided any new updates regarding account recovery. Therefore, the CEO’s recommendation to avoid all links to websites shared from compromised X accounts remains in effect at the time of writing.

Responses to Kazemian’s request for help indicate that Frax Finance was able to obtain a “direct line” to X’s customer support team.

about: “Dark” and “Sovereign” posts close to the Protocol

It’s not just encryption protocols that are hacked

Hacking of X accounts is not limited to encryption protocols. Recently, the social media accounts of prominent traders, rappers and celebrities suffered the same fate as Frax Finance.

The X accounts of industry influencers and celebrities that were hacked were used to cash out various cryptocurrencies, including Luna2, ORDI, and celebrity-inspired coins.

Many community members were dismayed to find that the hacker was not making the most of the scam. “Bro could have picked any credible small cap for a 10-20x pump, but he chose to abandon ORDI and LUNA2 for a measly 10% wick,” said crypto analyst Miles Deutscher.

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