Wrapped Bitcoin (wbtc) 
The founder of decentralized finance protocol Frax Finance has indicated that the team is “reasonably sure” about the identity of the individual responsible for hacking the project’s X account.
Frax Finance founder Sam Kazemian suggests that an inside job at X led to the hack of the project’s account. This incident caused the protocol behind the FRAX USD-pegged decentralized stablecoin to lose access in early June.
In a Telegram post on June 3, Kazemian stated that the team is “reasonably sure” about who the perpetrator is, pointing to a “serial scammer” that blockchain investigator ZachXBT 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.”
The hack, which occurred in early June, seems to involve either an inside job or social engineering within X, rather than a security flaw or phishing attack targeting the Frax team. Kazemian shared this on his X account shortly after the incident. Currently, the X account of Frax Finance remains active, but no new posts are visible.
In a statement, Kazemian urged:
If anyone has a direct line to X account/customer service please DM me, @fraxfinance X account is compromised and appears to be an 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!
This incident adds to a growing list of crypto projects attributing breaches to insider actions at X. So 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.
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