Stablecoin protocol Frax issued an announcement this morning, reminding users not to use the front-end interface until there is further news. The website is suspected to have been hacked and has lost control.

Frax suspected to be hacked

According to a tweet and official announcement from Frax Finance founder Sam Kazemian, users are reminded not to use front-end services for the time being until there is further news from the team.

In addition, it also stated that if there are community members who know the senior management of the American domain name provider Name.com or work for it, they hope to contact the team as soon as possible. However, the Name team has stated that it is working on related issues.

If anyone has any contacts high up at @namedotcom please DM.

In the meantime don't use https://t.co/CrfTP0AfMo until we can get back the domain.

— Sam Kazemian (¤, ¤) (@samkazemian) October 31, 2023

Community members speculate that this move may mean that the Frax front-end page has been hacked. Currently, there is no further official news, and there is no explanation on the security of the protocol funds. Chain News will continue to track it.

DeFi front-end attacks have been ongoing recently, including Balancer, which was also compromised by its front-end interface in September.

Extended reading: Balancer front-end suffered hacker attack! Damage estimated at $238,000

Market Reaction

This news was announced at 7:30 this morning. As of the time of writing, the currency price has not fluctuated significantly. The current price of FRAX is US$3.79.

FRAX Token Price (Source)

This article, Frax Finance’s front-end webpage was hacked, and users are reminded not to use it for the time being. First appeared on Lian News ABMedia.