Frax Finance founder says ‘serial scammer’ hacked account

The founder of decentralized finance protocol Frax Finance says the team is “reasonably sure” of the identity of the criminal who hacked the project’s X account.

Frax Finance founder Sam Kazemian alleges that an inside job at

Statement from the founder of Frax Finance on Telegram | Source: Telegram

In a Telegram message On June 3, the head of Frax Finance said the team was “reasonably confident” of having the identity of the criminal who perpetrated Account , is aware “.

“We will do our best to bring this person to justice. And again, to be clear to anyone reading this: this was not a security issue and no team members were phished or anything. It was an inside job.

Sam Kazemian

The hack, which occurred in early June, appeared to involve either inside work or social engineering within X, rather than a security breach or phishing attack targeting the Frax team, Kazemian said on his X account shortly after the incident. Currently, Frax Finance account X remains active, but no new posts are visible.

This incident adds to a growing list of crypto projects attributing violations to internal actions at X. So far, neither X nor its chief executive, Elon Musk, have commented on the situation.

In a similar event in late May, a crypto trader known as GCR reported that his X account had been compromised by corruption, leading to an ORDI pump and dump scheme. Blockchain detective ZachXBT later suggested that the developers behind the Solana-based CAT memecoin could be involved in this hack. It is still unclear whether the same group is responsible for the attack on Frax Finance.

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