South Korean Blockchain Platform Somesing Loses $11.58 Million to Hacker

A hacker and the Somesing banner

South Korea has been hit by a significant cryptocurrency hack, resulting in the theft of approximately $11.58 million worth of its native token, SSX. The breach has sent shockwaves throughout the cryptocurrency community, prompting immediate action by the platform to mitigate the consequences and investigate the incident.

Security Breach and Stolen Tokens

Somesing, in an official statement, confirmed that it had fallen victim to a security breach, leading to the theft of 730 million SSX tokens. This staggering amount represents a substantial portion of the platform’s native cryptocurrency. Of particular concern is that 504 million of the stolen tokens had not yet been circulated. These tokens were intended for introduction into circulation by the end of 2025 and were primarily held by the Somesing Foundation, highlighting the magnitude of the attack.

Professional Hackers Suspected

The Somesing team emphasized that the hacking incident was not linked to any team member but suspected the involvement of professional hackers specialized in targeting cryptocurrencies. This assertion underscores the growing sophistication and audacity of cybercriminals within the cryptocurrency space.

Following the revelation of the hack, Somesing immediately requested major South Korean cryptocurrency exchanges, including Upbit, Bithumb, and Coinone, to suspend deposits and withdrawals of SSX tokens. This precautionary measure aims to prevent further unauthorized movement of the stolen tokens and protect users’ interests. The incident directly impacted the trading of SSX tokens, causing a 15% drop in their price. This downturn highlights the vulnerability of cryptocurrencies to external threats and investors’ immediate reaction to security breaches.

Ongoing Investigation and Recovery Efforts

🚨 BREAKING: Blockchain-powered karaoke app Somesing has been hacked, resulting in the theft of $11.58 million in SSX tokens. The incident, which occurred on Jan. 27, exposes vulnerabilities in crypto platforms. #CryptoSecurity #SSXHack pic.twitter.com/qXSW8SnHWX

— Ryù (@Ryu_Tenchi) January 29, 2024

Somesing has launched a thorough investigation into the hack, working closely with cybersecurity experts and relevant authorities to trace the stolen SSX tokens and identify the perpetrators. The platform is determined to recover the stolen assets and hold those accountable. In response to this devastating hack, Somesing is taking proactive steps to fortify its security infrastructure, strengthening security protocols, and enhancing cybersecurity measures to safeguard the platform and its users from future threats.

Author: Dominion

Domie loves writing and building cool stuffs.