Frax

The founder of decentralized finance protocol Frax Finance says the team is “reasonably sure” about the identity of the criminal that hacked the project’s X account. 
<a href="https://crypto.news/tag/frax/" target="_blank" rel="">Frax Finance</a> founder Sam Kazemian alleges that an inside job at X caused the hack of the project’s account, resulting in the protocol behind the FRAX USD-pegged decentralized stablecoin losing access in early June. 
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 Frax Finance founder’s statement on Telegram | Source: Telegram
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In a <a href="https://t.me/fraxfinance/340661" target="_blank" rel="">Telegram post</a> on Jun. 3, the Frax Finance head said the team is “reasonably sure” it has the identity of the criminal that perpetrated the X account, blaming a “serial scammer” that ZachXBT, a blockchain sleuth, is “aware of.” 
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 “We will try our best to bring that person to justice. And again to be clear to anyone reading this: this wasn’t a security issue and no one on the team was phished or anything. This was an inside job.” 
 Sam Kazemian 
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 You might also like: <a href="https://crypto.news/near-protocols-x-account-hacked-heres-what-we-know-so-far/" rel=""> NEAR Protocol’s X account hacked, here’s what we know so far </a> 
The hack, which occurred in early June, seemed to involve either an inside job or social engineering within X, rather than a security flaw or phishing attack targeting the Frax team, Kazemian said on his X account shortly after the incident. Currently, the X account of Frax Finance remains active, but no new posts are visible. 
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 If anyone has a direct line to X account/customer service please DM me, <a href="https://twitter.com/fraxfinance?ref_src=twsrc%5Etfw" target="_blank" rel="">@fraxfinance</a> 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. Please stay safe and don't click any X links!— Sam Kazemian (¤, ¤) (@samkazemian) <a href="https://twitter.com/samkazemian/status/1796654397403107382?ref_src=twsrc%5Etfw" target="_blank" rel="">May 31, 2024</a>
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This incident adds to a growing list of crypto projects attributing breaches to insider actions at X. Thus far, neither X nor its chief executive Elon Musk has commented on the situation. 
In a similar event in late May, a crypto trader known as GCR <a href="https://crypto.news/crypto-trader-gcr-alleges-bribe-at-x-led-to-account-hack/" target="_blank" rel="">reported</a> that his X account had been compromised through bribery, leading to an ORDI pump-and-dump scheme. Blockchain sleuth ZachXBT later suggested that developers behind the Solana-based memecoin CAT might be involved in that hack. It remains unclear whether the same group is responsible for the attack on Frax Finance. 
 Read more: <a href="https://crypto.news/spider-man-star-tom-hollands-x-account-hacked-to-push-crypto-scam/" rel=""> Spider-Man star Tom Holland’s X account hacked to push crypto scam </a>

Frax Finance founder says ‘serial scammer’ hacked X account

crypto.news

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