Somesing, South Korean Karaoke Platform, Hit by $11.58M SSX Token Hack

Somesing, a blockchain-based social karaoke platform in South Korea, has become the latest victim of a crypto hack. The platform announced on Saturday that it lost 730 million of its native token SSX, which amounts to $11.58 million, in a security breach.

According to the announcement, the hacked amount included 504 million undistributed SSX tokens, which were planned for circulation by the end of 2025, and 226 million SSX that the Somesing foundation held and were already part of its current circulation.

The platform said that the hacking incident was not related to any member of the Somesing team, and it was assumed to have been conducted by professional hackers specializing in hacking virtual assets.

Somesing has reported the incident to the National Police Agency and said it will alert Interpol. The platform is also tracing the attacker with the help of local blockchain entity Klaytn Foundation and Interpol partner firm Uppsala Security. Somesing said it plans to freeze the assets and take legal action upon identifying the perpetrator.

The hack has also affected the trading of SSX on major South Korean crypto exchanges, including Upbit, Bithumb and Coinone, which have halted deposit and withdrawal of SSX at Somesing’s request. The exchanges warned users of aggravated price volatility due to the security breach. The token is also listed on HTX and Gate.io, which have not posted such warnings.

The Somesing hack is the latest in a series of cyberattacks on the cryptocurrency industry, which has raised concerns over the security and regulation of the sector. Earlier this month, Klaytn-linked protocol Orbit Bridge suffered an $81.5 million hack, which was one of the largest crypto thefts in history. Despite these incidents, the total volume of crypto hacks in 2023 fell by over 50% compared to 2022, according to a report by CipherTrace.

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