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.
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.
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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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