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Frax Finance Hack Scandal: CEO Alleges Inside Job Connected to Elon Musk’s Office

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On June 1, Frax Finance faced a significant security breach on its X account. Interestingly, the hack occurred without a password breach, raising questions. Given the nature of the hack, the firm’s CEO, Sam Kazemian, suspects it could be an inside job.

This incident has not only disrupted Frax Finance but also sparked serious concerns about internal security within the company.

Frax Finance Battles Mysterious X Account Hack

On June 1, an unknown hacker gained access to Frax Finance’s official X page without breaking the existing passwords. This unexpected breach left many wondering how it was possible.

Frax Finance’s CEO, Sam Kazemian, shared the news on X. He suspects the likelihood of an inside job or social engineering issue within X since no password reset or other issues occurred within Frax.

fraxfinance

Source: Sam Kazemian’s Tweet

Kazemian turned to his X followers for help, urgently asking them to assist in reaching X customer service.

Meanwhile, users have noticed that X typically takes about 72 hours to handle complaints regarding hacked accounts. To get help, you must ask for it by emailing the address you linked to your account.

Then, the user will start talking with X’s customer service, answering different questions. This call may take hours until things are sorted out.

As the investigation continues, Frax Finance aims to prevent future breaches and restore confidence among its users and followers. But, in the meantime, Kazemian still believes there’s an insider in X company that made this hack possible.

Notably, it’s been over 48 hours since the hack, but there are still no updates from Frax Finance, Kazemian, or X reps about fixing the account.

However, the CEO still advises everyone to avoid clicking on links from hacked accounts.

X Account Hacks Extend Beyond Crypto: Influencers and Celebrities Targeted

Besides crypto protocols, well-known traders, rappers, and A-list celebrities have fallen victim to X account hacks.

The main purpose of hacking these influential figures’ social pages is to promote cryptocurrencies like LUNA2, ORDI, and meme coins.

Community members were shocked to see the hacker’s lackluster approach to the scam.

Source: X Post

Crypto analyst Miles Deutscher commented, “Bro could have picked any believable micro cryptocurrency to shill LUNA2 and ORDI for a measly 10% wick.”

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