A Multi-Million Dollar Hack: Somesing Falls Victim
Somesing, a South Korean social karaoke platform based on blockchain, has lost 730 million of its native SSX tokens, equivalent to $11.58 million, as a result of a hack.
The attack was carried out by professional hackers, excluding any involvement from the Somesing team.
Major cryptocurrency exchanges in South Korea have suspended the deposits and withdrawals of SSX, warning of increased price volatility following this security breach.
Reflecting on an $11 Million Hack
On January 27th, the South Korean social platform, Somesing, was targeted in a hack that led to the loss of 730 million SSX tokens, amounting to $11.58 million.
The attack has been described as “professional,“ highlighting the absence of any involvement from the Somesing team.
“It has been confirmed that the hacking incident is not related to any members of the SOMESING team, and it is assumed to have been conducted by professional hacker(s) specializing in virtual asset hacking due to their methods.”
Somesing stated in its press release
It’s worth noting that the stolen amount from the hack included 504 million undistributed SSX tokens, planned to be in circulation by the end of 2025, as well as 226 million SSX tokens held by the Somesing foundation and already in circulation.
Somesing is a platform that rewards users for uploading karaoke recordings with tokens, and these rewards are funded by other users who donate tokens to their favorite karaoke singers.
Actions Taken by Somesing
The platform immediately reported the hack to the National Police Agency for investigation and plans to notify Interpol. They are also collaborating with the local Klaytn Foundation and Interpol’s partner company, Uppsala Security, to trace the attacker and freeze the affected assets.
Following this incident, major South Korean exchanges such as Upbit, Bithumb, and Coinone, have suspended SSX deposit and withdrawal operations at the request of Somesing, warning of increased price volatility due to this security breach.
Cybersecurity remains a major concern in the cryptocurrency industry, as evidenced by the $81.5 million hack of the Klaytn-related protocol, Orbit Bridge, earlier this month.
