South Korean Karaoke Platform Somesing Faces a $11.58 Million Cyber Heist

Somesing, the innovative South Korean company behind a mobile karaoke streaming platform, revealed it fell victim to a security breach that saw the loss of 730 million SSX tokens, which were moved to wallets still under investigation.

In an official blog post The developers at Somesing have stated that they are taking all necessary precautionary steps to mitigate the fallout from this incident, including notifying the Cyber Investigation Unit of the National Police Agency. Additionally, they have announced a collaborative effort with Klaytn Foundation, the blockchain developer supporting SSX, and Uppsala Security, a cybersecurity partner affiliated with Interpol.

Several major cryptocurrency exchanges in South Korea, such as Upbit, Bithumb, and Coinone, have halted all deposits and withdrawals of SSX tokens while also warning users of potential price fluctuations stemming from the breach. Despite these swift measures by local exchanges, the token continues to be actively traded without restrictions on platforms like HTX and Cryptocurrencylistings.com.

In the aftermath of the hack, the SSX token’s market price plummeted by over 10% and is experiencing further fluctuations. currently trading at a $0.014 mark .

The Somesing team is already strategizing next steps to take should the hackers be apprehended, including freezing any funds transferred to the hacked wallet and identifying the individuals for potential legal actions.

The team has also expressed intentions to call for a comprehensive investigation into the incident by both domestic and international authorities, including the Korea Cyber Investigation Department and Interpol, while appealing to the hackers to return the misappropriated assets voluntarily.

Delving into the Hack Incident

Somesing aims to motivate users to share their karaoke performances through SSX tokens, which are bolstered by contributions from fellow users who donate tokens to their favored performers. The platform operates on the Klaytn blockchain, launched as an open-source Layer 1 in 2019.

According to statements from the Somesing team, of the 730 million SSX tokens that were stolen, 504 million were yet to be distributed and were initially set for release by the end of 2025. Meanwhile, the remaining 226 million had already been scheduled for circulation in the upcoming months.

Initial assessments of the platform's internal data suggest that the hack was not linked to any personnel within the development team. The methods deployed during the attack indicate the involvement of a sophisticated third-party hacking group.

It's important to note that this isn't the first hacking incident recently affecting the Klaytn blockchain. Just a month ago, another cross-chain protocol service was compromised due to a vulnerability. While security issues have long troubled the DeFi sector, the mounting cyber threats targeting specific blockchain infrastructures raise alarm for users across various projects.  Orbit Chain lost $81.5 million Please be aware that the information on this page does not constitute, and should not be taken as, legal, tax, investment, financial, or any other type of advice. Always invest responsibly, only with what you can afford to lose, and don't hesitate to seek independent financial guidance for personal concerns. For more comprehensive information, we recommend reviewing the terms and conditions as well as the support resources provided by the issuer or advertiser. While MetaversePost is dedicated to delivering unbiased and precise information, market dynamics can shift unexpectedly.