South Korean Web3 Music Service Somesing Loses $11.58 Million in Token Exploit

Photo of author

By BitcoinWiki News

Key Takeaways:

  • Karaoke platform Somesing in South Korea was hacked, resulting in the loss of $11.58 million in SSX tokens
  • 730 million native token SSX compromised
  • 504 million undistributed SSX tokens and 226 million SSX tokens already in circulation targeted
  • Not perpetrated by Somesing’s team, suspected to be professional hackers specialized in virtual assets
  • Reported the incident to authorities and working with Klaytn Foundation and Uppsala Security to track down attackers
  • Major South Korean cryptocurrency exchanges temporarily suspended deposit and withdrawal of SSX tokens due to exploit
  • Somesing operates on Klaytn blockchain, rewards users with SSX tokens for uploading karaoke recordings
  • Incident highlights cybersecurity challenges in cryptocurrency industry
  • Earlier, the Klaytn-linked protocol Orbit Bridge suffered an $81.5 million hack

Somesing Hacked and Suffers Major Loss

Summary

Somesing, a blockchain-based social karaoke platform in South Korea, was recently hacked, resulting in the loss of approximately $11.58 million in SSX tokens. 730 million of the platform’s native token SSX were compromised in the attack, and Somesing has reported the incident to the authorities and is working on tracking down the attackers. Major South Korean cryptocurrency exchanges have temporarily suspended the deposit and withdrawal of SSX tokens, and the incident highlights the ongoing challenge of cybersecurity in the cryptocurrency industry.

Somesing Hacked

Somesing, a popular blockchain-based social karaoke platform in South Korea, has fallen victim to an exploit resulting in the loss of approximately $11.58 million. The attack targeted 504 million undistributed SSX tokens, as well as 226 million SSX tokens held by the Somesing foundation that were already in circulation.

Response and Impact

Somesing has reported the incident to the National Police Agency and intends to involve Interpol in the investigation. The company is working closely with the Klaytn Foundation and Uppsala Security to track down the attackers. Major South Korean cryptocurrency exchanges have temporarily suspended the deposit and withdrawal of SSX tokens, and the incident highlights the ongoing challenge of cybersecurity in the cryptocurrency industry.

Related Incidents

Earlier this month, the Klaytn-linked protocol Orbit Bridge suffered an $81.5 million hack, and last year, South Korean crypto exchanges reportedly blocked over $82 million worth of transactions linked to romance scams.

Regulatory Warnings

The Financial Supervisory Service in South Korea has issued warnings about the rise in crypto-related scams on social media sites, particularly romance scams. The public has been advised to be wary of unsolicited investment-related recommendations and advice.

This is sponsored by: Learn Bitcoin Option

Leave a Comment