Frax Finance Links X Account Breach to Insider Activity

Sam Kazemian, founder of Frax Finance, reported the compromise of the DeFi project’s account on the social network X and sought assistance in contacting customer support.

If anyone has a direct line to X account/customer service please DM me, @fraxfinance 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) May 31, 2024

“The Frax Finance account on X is compromised and it seems to be related to insider activity or social engineering within X, as we have no password reset or other issues,” the entrepreneur wrote.

He urged users not to click on any links in the account.

At the time of writing, the latest posts in the project’s feed, which has nearly 92,000 followers, were dated May 30, with no updates from Kazemian.

In late May, X accounts of several influencers and celebrities were hacked to promote scams and manipulate the crypto market.

In March, X pages of several industry influencers were compromised to advertise the scam token PACKY. The hacker allegedly gained access through the IFTTT (If This Then That) automated posting service.

In February, the Frax Finance team launched its own layer-two network, Fraxtal, based on Ethereum.

In a roadmap titled Singularity, the project set a goal to achieve $100 billion in total value locked in the protocol by 2026.