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Frax Finance X account hacked, CEO suspects ‘inside job’ at Elon Musk’s office

In a surprising turn of events, the official X account of Frax Finance was hacked, leading to significant security concerns within the crypto community. The breach, which occurred recently, resulted in unauthorized posts and potential phishing attempts aimed at the account’s followers.

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In a surprising turn of events, the official X account of Frax Finance was hacked, leading to significant security concerns within the crypto community. The breach, which occurred recently, resulted in unauthorized posts and potential phishing attempts aimed at the account’s followers.

Frax Finance, a decentralized finance (DeFi) platform known for its stablecoin protocol, reported the incident promptly, urging users to disregard any suspicious activity or messages from the compromised account. The company has since been working to regain control and secure its social media presence.

Insiders have speculated that the hack may be linked to the influence of high-profile figures like Elon Musk. Musk, known for his substantial impact on cryptocurrency markets and social media, has indirectly encouraged a culture of hacking and manipulation through his tweets and public statements. While there is no direct evidence connecting Musk to this particular incident, his influence on the crypto space is undeniable.

The incident underscores the ongoing vulnerability of social media accounts within the crypto sector. As DeFi platforms and other blockchain-based projects rely heavily on social media for communication and marketing, the security of these accounts is paramount. Hacks like this not only pose a threat to the platform’s reputation but also to its users, who may fall victim to scams and phishing attempts.

Frax Finance has reassured its users that the hack did not affect its core protocol or user funds. The team is conducting a thorough investigation to identify the breach’s origin and prevent future incidents. They are also collaborating with cybersecurity experts to enhance their overall security measures.

This breach serves as a stark reminder for all crypto projects to prioritize the security of their social media accounts. Implementing robust authentication methods, regular security audits, and user education can help mitigate such risks.

As the crypto industry continues to evolve, maintaining the security and trust of users remains a critical challenge. Incidents like the Frax Finance hack highlight the need for ongoing vigilance and proactive measures to protect the integrity of the digital finance ecosystem.

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Binance launches in Syria after Trump lifts sanctions

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Binance has signaled interest in expanding its services to Syria following a recent move by former U.S. President Donald Trump to lift certain economic sanctions. The easing of restrictions has opened the door for global businesses, including cryptocurrency platforms, to re-evaluate their presence in the region.

A Binance spokesperson confirmed that the company is exploring opportunities in Syria and may extend support to local users. The development marks a potential shift in crypto accessibility for a country that has long faced economic isolation due to international sanctions.

Although no formal launch has been announced, the move suggests that Binance is preparing to tap into an underserved market. The company emphasized that it will continue to monitor regulatory guidelines while assessing how best to engage Syrian users within legal frameworks.

The renewed interest in Syria reflects broader efforts by crypto firms to expand globally amid shifting geopolitical and regulatory dynamics. If Binance proceeds, it could become one of the first major crypto platforms to reenter the Syrian market in years.

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GameStop plunges 12% after proposing new $1.75B debt offering

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GameStop’s stock dropped 11% after the company revealed plans to offer $2.14 billion in convertible notes, sparking investor concerns about potential dilution. The market reacted sharply to the move, which could lead to an increased share count if noteholders opt to convert their holdings into equity.

The company stated that the proceeds will be used for general corporate purposes, which may include acquisitions and investments. Convertible notes provide flexibility for companies, but often trigger negative investor sentiment due to the future possibility of share dilution.

The timing of the announcement came just as GameStop was enjoying renewed attention from retail investors, particularly following the reappearance of “Roaring Kitty,” a central figure in the 2021 meme stock frenzy. That momentum was quickly undercut by fears surrounding the fundraising effort.

GameStop’s latest financial strategy highlights its continued attempts to adapt and remain relevant in a changing retail landscape. However, the negative market reaction reflects ongoing uncertainty over the company’s ability to convert hype into sustained performance.

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Peaq and UAE bet on tokenized machines to power future economy

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The United Arab Emirates has introduced a new regulatory sandbox dedicated to advancing the machine economy, in collaboration with blockchain network peaq and Web3 data platform Pulsar. The initiative is backed by the country’s Artificial Intelligence, Digital Economy and Remote Work Applications Office and is aimed at supporting decentralized physical infrastructure networks (DePINs).

The sandbox offers a controlled environment where projects involving autonomous vehicles, delivery drones, and smart city applications can be tested and scaled. Developers will be able to deploy real-world use cases involving connected devices while benefiting from regulatory guidance and technical support.

Participants in the program will receive resources such as funding opportunities, mentorship, and access to strategic partners, enabling them to refine and expand their technologies. The initiative reflects the UAE’s continued efforts to lead in Web3 innovation, artificial intelligence, and future-driven economic models.

By fostering projects that combine AI, blockchain, and IoT, the UAE seeks to attract global startups to build the foundations of a decentralized machine economy. The sandbox is expected to drive real-world adoption of DePIN technologies across transport, infrastructure, and smart services sectors.

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