On June 1, Frax Finance’s X social media account was hacked in a puzzling incident where the hackers seemingly didn’t need to access or alter existing passwords. This breach left Frax Finance CEO Sam Kazemian scrambling for help, reaching out to his followers on X to connect him with X customer service.
Kazemian faced the reality that X takes around 72 hours to address account compromise complaints. This process involves filing a support request through a linked email, followed by a detailed back-and-forth to provide additional information as needed.
Although Elon Musk’s X recommends changing passwords in such situations, Kazemian insisted that their passwords weren’t tampered with and suspected an inside job or social engineering at X.
“Frax Finance 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,” Kazemian stated.
Over 48 hours later, neither Frax Finance nor Kazemian, nor X representatives provided any new updates on the recovery of the account. Consequently, Kazemian advised avoiding all links shared from the compromised X account.
Responses to Kazemian’s plea suggested that Frax Finance eventually secured a direct line to X’s customer support team. However, this issue isn’t isolated to Frax Finance. Recently, hackers have targeted the social media accounts of well-known traders, rappers, and A-list celebrities, using these accounts to promote various cryptocurrencies, such as Luna2, ORDI, and celebrity-inspired memecoins.
As the situation unfolds, it serves as a stark reminder of the vulnerabilities in social media platforms, even for high-profile accounts. The community remains on edge, eagerly awaiting further developments and hoping for a swift resolution.
Also Read: Crypto Hacks Surge 666% & Losses $574.6 Million in May 2024
