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Somesing, a South Korean blockchain platform, falls victim to $11.58M crypto hack

TL;DR

  • South Korean karaoke platform Somesing lost $11.58 million to a crypto hack, with 504 million stolen tokens unreleased.
  • Professional hackers are suspected, causing major South Korean exchanges to halt SSX transactions.
  • The hack led to a 15% drop in SSX token price, underscoring the need for better crypto security.

South Korea has been targeted in a major cryptocurrency hack, resulting in the theft of approximately $11.58 million worth of its native token, SSX. 

The breach, which sent shockwaves throughout the cryptocurrency community, has prompted the platform to take immediate action to mitigate the consequences and investigate the incident.

Security breaches and stolen tokens

In an official statement by Somesing, the platform confirmed that it had fallen victim to a security breach, culminating in 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 730 million stolen SSX tokens had not yet been circulated. Somesing disclosed that these tokens were intended to be introduced into circulation by the end of 2025, and they were primarily held by the Somesing Foundation, further emphasizing the magnitude of the attack.

Professional hackers suspected

The Somesing team, in their announcement, emphasized that the hacking incident was not linked to any team member. Instead, they suspected the involvement of professional hackers specializing in targeting cryptocurrencies. 

This assertion underscores cybercriminals’ growing sophistication and audacity within the cryptocurrency space.

Impact on South Korean crypto exchanges

Following the hack’s revelation, Somesing swiftly requested major South Korean cryptocurrency exchanges, including Upbit, Bithumb, and Coinone, to suspend deposits and withdrawals of SSX tokens. This precautionary measure was implemented to prevent further unauthorized movement of the stolen tokens and protect their users’ interests.

The repercussions of the security breach were not limited to Somesing alone. The incident directly impacted the trading of SSX tokens, causing a 15% drop in their price. This downturn in the market value of SSX tokens underscores the vulnerability of cryptocurrencies to external threats and investors’ immediate reaction to security breaches.

Ongoing investigation and recovery efforts

Somesing has initiated 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 the wake of this devastating hack, Somesing is taking proactive steps to fortify its security infrastructure. Strengthening security protocols and enhancing cybersecurity measures will safeguard the platform and its users from future threats.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Ibrahim Abdulaziz

A fervent advocate, Ibrahim shares his wealth of knowledge on crypto and blockchain technology in an engaging and informative style. He frequents places where influencers gather for his next scoop. His vision is that the decentralized nature, security features, and potential for financial inclusion will drive widespread massive crypto adoption.

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