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Informative InsightsFrax Finance CEO suspects inside job at X in socials hack June 3, 2024 Share0 Thankfully, the passwords associated with Frax Finance’s social account weren’t tampered with. Frax Finance, a crypto lending platform, had its X account hacked on June 1, prompting CEO Sam Kazemian to appeal to his followers for assistance in contacting X customer service. The hack has raised concerns about the security of social media accounts and the potential involvement of insiders in such breaches. According to Kazemian, the passwords associated with the Frax Finance X account were not tampered with, and he asserted that no issues within the company could have contributed to the breach. Instead, he suspected the involvement of an insider working at X or a case of social engineering. 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 Users reported that X typically takes around 72 hours to address complaints related to compromised accounts, requiring users to raise a support request with a linked email address and submit additional information as directed. Despite this, more than 48 hours after the hack, neither Frax Finance, Kazemian, nor X representatives have provided updates regarding the account’s recovery. READBitcoin ETFs attract 937 professional firms in Q1: K33 ResearchResponses to Kazemian’s call for help suggest that Frax Finance managed to get a “direct line” to X’s customer support team. However, the CEO’s recommendation to avoid all website links shared from the compromised X accounts remains in effect. The hacking of X accounts is not limited to crypto protocols. Recently, prominent traders, rappers, and A-list celebrities have also fallen victim to similar hacks, with their accounts being used to shill various cryptocurrencies, including Luna2, ORDI, and celebrity-inspired memecoins.