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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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Kenya’s crypto tax could hinder Africa’s digital growth opportunity

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The International Monetary Fund (IMF) has recommended that Kenya overhaul its cryptocurrency regulations to establish a transparent, reliable framework. The agency highlighted the country’s outdated financial rules that inadequately cover digital assets, leading to increased vulnerability to scams and illicit financial activities.

During a visit in Nairobi, IMF experts noted a lack of consensus among Kenyan legislators on crypto regulation. They emphasized the need for Kenya to define clear legal terms, align its rules with international anti-money laundering (AML) and counter-terrorism financing (CFT) standards, and learn from global frameworks like the Bali Fintech Agenda and Financial Stability Board guidelines.

The IMF’s recommendations include short-term steps—conducting empirical market studies, enhancing coordination among regulators, and clarifying the legal scope of crypto assets. They also proposed mid- to long-term measures, such as licensing virtual asset service providers (VASPs), establishing robust supervisory bodies, and ensuring consistency in legal terminology.

Ultimately, the IMF stressed that Kenya should engage with international regulatory counterparts to better oversee cross-border exchanges, protect consumers, and promote financial innovation without sacrificing market stability.

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Ether crypto funds see $296M inflows in best week since Trump election

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Institutional investors funneled $296 million into Ethereum-focused funds over the past week, marking the largest weekly inflow since the U.S. presidential election in November. With these inflows, Ethereum has overtaken Bitcoin in terms of weekly gains in crypto investment vehicles.

The surge is part of a broader upswing in crypto asset allocations. Digital asset funds logged a total of $7.05 billion in net inflows during May, pushing crypto fund holdings to a record $167 billion. Within this, Bitcoin funds gathered $5.5 billion while Ethereum products attracted $890 million.

Analysts point to growing interest in Ethereum as it reels in capital seeking exposure to DeFi, smart contracts, and next‑generation blockchain infrastructure. Over the last 30 days, Ether’s price trended upward, and its ETH/BTC valuation ratio strengthened considerably.

Recent inflows into Ethereum products appear driven by supportive macroeconomic signals, improved technical price patterns, and rising adoption of spot Ether exchange‑traded funds (ETFs). Meanwhile, Bitcoin-focused funds saw outflows totaling around $56.5 million.

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Tether USDT stablecoin seen on Bolivian store price tags

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Retailers across Bolivia are now quoting prices in Tether’s USDT stablecoin for everyday goods like chocolates, sunglasses, and snacks, according to Tether CTO Paolo Ardoino.

The shift reflects growing reliance on stable digital currency as Bolivians seek protection against volatility in the boliviano, with USDT providing a more predictable value for both consumers and merchants.

Ardoino highlighted that using digital dollars at the point of sale offers practical advantages for everyday shoppers, and analysts suggest this could serve as a model for other countries facing currency instability.

This development builds on earlier steps toward crypto integration in Bolivia—most notably, the launch of USDT custody services by Banco Bisa in October 2024, under the oversight of the country’s financial regulator.

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