Frax Finance’s X account was hacked on June 1 without a password breach, leading CEO Sam Kazemian to suspect insider involvement.
A hacker allegedly gained control of the crypto lending platform Frax Finance’s X social media account without tampering with existing passwords. But how did this happen?
Frax Finance’s X account was hacked on June 1. In a desperate attempt to regain control, Frax Finance CEO Sam Kazemian appealed to his followers on X for assistance in contacting X customer service.
Users reported that X takes roughly 72 hours to address complaints related to compromised accounts. The process involves raising a support request with a linked email address and going through a back-and-forth that involves submitting additional information as directed.
Passwords Were Not Tampered With
While X recommends changing passwords during account compromises, Kazemian alleged that the passwords were not tampered with and asserted that no issues within Frax Finance could have contributed to the breach. Instead, he suspected the involvement of an insider working at X. He said:
“Frax Finance X account is compromised and appears to be an inside job or social engineering within X since no password reset or other issues within Frax itself.”
More than 48 hours after the hack, neither Frax Finance, Kazemian, nor X representatives have provided any updates regarding the account’s recovery. Consequently, the CEO’s recommendation to avoid all website links shared from the compromised X account remains in effect at the time of writing.
Responses to Kazemian’s call for help suggest that Frax Finance managed to get a “direct line” to X’s customer support team.
Summary Review: The hacking of Frax Finance’s X account has raised serious concerns about the security protocols at X, especially since the breach occurred without any password compromise. The incident highlights the potential risks of insider threats and the need for robust security measures within social media platforms. As investigations continue, users are advised to remain cautious and avoid interacting with any links from the compromised account.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
