---
title: "Frax Finance founder says ‘serial scammer’ hacked X account"
url: https://diffcoin.com/frax-finance-founder-says-serial-scammer-hacked-x-account/
description: "The founder of decentralized finance protocol Frax Finance says the team is \"reasonably sure\" about the identity of the criminal that hacked the project's X account"
published: 2024-06-03
updated: 2024-06-03
author: "Mila"
site: "Diffcoin"
---

# Frax Finance founder says ‘serial scammer’ hacked X account

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

Frax Finance founder Sam Kazemian alleges that an inside job at X caused the hack of the project’s account, resulting in the protocol behind the FRAX USD-pegged decentralized stablecoin losing access in early June.

![Frax Finance founder says 'serial scammer' hacked X account - 1](https://crypto.news/app/uploads/2024/06/jdoifjgidf.png)

Frax Finance founder’s statement on Telegram | Source: Telegram

In a Telegram post on Jun. 3, the Frax Finance head said the team is “reasonably sure” it has the identity of the criminal that perpetrated the X account, blaming a “serial scammer” that ZachXBT, a blockchain sleuth, is “aware of.”

> “We will try our best to bring that person to justice. And again to be clear to anyone reading this: this wasn’t a security issue and no one on the team was phished or anything. This was an inside job.”
> 
> Sam Kazemian

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

> If anyone has a direct line to X account/customer service please DM me, [@fraxfinance](https://twitter.com/fraxfinance?ref_src=twsrc%5Etfw) 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](https://twitter.com/samkazemian/status/1796654397403107382?ref_src=twsrc%5Etfw)

This incident adds to a growing list of crypto projects attributing breaches to insider actions at X. Thus far, neither X nor its chief executive Elon Musk has 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 through bribery, leading to an ORDI pump-and-dump scheme. Blockchain sleuth ZachXBT later suggested that developers behind the Solana-based memecoin CAT might be involved in that hack. It remains unclear whether the same group is responsible for the attack on Frax Finance.

[Source link](https://crypto.news/frax-finance-founder-says-serial-scammer-hacked-x-account/)