👉👉👉 South Korea’s crypto karaoke platform #Hacked for over $11.5 million

Somesing, a blockchain-based social karaoke platform in South Korea, experienced a security breach on Saturday resulting in the loss of 730 million of its native token SSX, equivalent to $11.58 million, as per the platform's official announcement.

The compromised amount includes 504 million undistributed SSX tokens intended for circulation by the end of 2025, along with 226 million SSX held by the Somesing foundation, already part of its existing circulation.

Somesing clarified that the hacking incident is unrelated to any member of the SOMESING team and is believed to be the work of professional hackers specializing in virtual asset breaches.

The platform promptly reported the incident to the National Police Agency and plans to involve Interpol in the investigation. To trace the attacker, Somesing is collaborating with the local #blockchain​ entity #Klaytn Foundation and Interpol partner firm Uppsala Security. The platform aims to freeze the assets and pursue legal action once the perpetrator is identified.

In response to Somesing's request, major South Korean crypto exchanges, including Upbit, Bithumb, and Coinone, have temporarily suspended deposit and withdrawal services for SSX. Users are cautioned about potential price volatility resulting from the security breach. While the token is also listed on HTX and Gate.io, they have not issued similar warnings.

Somesing, a Klaytn-based platform rewarding users for karaoke recordings, faced a security breach losing 730 million SSX tokens (equivalent to $11.58 million). Major South Korean exchanges temporarily halted SSX deposit and withdrawal services. Somesing, known for incentivizing users with tokens, is collaborating with authorities and blockchain entities to trace the attacker. While the incident raises cybersecurity concerns, data shows a 50% reduction in crypto hacks in 2023 compared to 2022. Despite inquiries, Somesing has not provided additional comments on the breach.

Source - theblock.co

#CryptoNews #BinanceSquare