Frax Finance Falls Victim to Cyber Attack, FXS Price Experiences Slight Decline

Frax Finance hacker attack

On November 1st, the official website of Frax Finance fell victim to DNS record attacks. This information was confirmed by the project’s founder, Sam Kazemian, as well as the official X account of the project.

In a tweet, the project advised users against using Frax Finance products at the current time. Simultaneously, the founder attempted to contact the domain service provider Name dot com.

Preliminary information suggests that the project’s domain may have been compromised, indicating a DNS impersonation attack. Currently, the project has not provided detailed updates on the incident or the extent of the damage, only urging users to refrain from using the product until further notice.

Following the hack, Frax Finance’s native token FXS fell approximately 5%. With this decrease, FXS fell to $ 5.67 and is traded at $ 5.72 at the time of writing.

DNS impersonation attacks are not new to the DeFi market. Past victims of this type of attack include names like Balancer, Curve Finance, Ankr, and Celer Network.

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Chi Do
Chi Do
Chi Do is a content writer at CoinMinutes, responsible for creating most of the content on the website, including news related to Bitcoin (BTC), Ethereum (ETH), Blockchain, Decentralized Finance (DeFi), and more. With a keen interest in cryptocurrencies since the 2020s, Chi has acquired extensive experience and knowledge in this field. Chi holds a Bachelor's degree in communication from Academy of Journalism and Communication in Vietnam.

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