South Korea’s cryptocurrency karaoke hub Somesing faces $11.5 million cyber heist

• Rapid Investigation and Cooperation: Somesing works with law enforcement and blockchain organizations to investigate hacks and track down hackers.
• Exchange Response: South Korea’s leading cryptocurrency exchange has temporarily suspended SSX services, warning users of potential price volatility.

Due to a recent security breach, Somesing, a South Korean blockchain-based social karaoke platform, lost a whopping $11.58 million worth of its token, SSX. The company confirmed the hack on Saturday, saying 730 million SSX tokens were compromised during the attack. Somesing, who is currently working with local law enforcement, aims to involve Interpol in efforts to track down the cybercriminals behind the attack.

Disclosure of investigation and cooperation plans

Something We took prompt action, including reporting the incident to the National Police Agency for a thorough investigation. The platform is actively tracking hackers in collaboration with the Clayton Foundation and Uppsala Security (an Interpol partner). While assuring users that the hack was not related to Somesing team members, the company suspects professional hackers with expertise in virtual asset breaches were involved.

Immediate response from cryptocurrency exchanges

At Somesing’s request, major domestic cryptocurrency exchanges, including: UpbeatBithumb, Coinone, etc. Temporarily suspend deposits and withdrawal This is a service for SSX. Users are warned of potential price changes due to security breaches. However, HTX and Gate.io, which are also listed on SSX, did not issue similar warnings.

Asset freeze and imminent legal action

Somesing outlined plans to freeze damaged assets and, once identified, decided to take legal action against the perpetrators. The hacked tokens include 504 million undistributed SSX tokens scheduled to be distributed by 2025 and 226 million SSX from the Something Foundation already in circulation.

Blockchain incentives for karaoke platforms

Running on the Klaytn blockchain, Somesing operates on a unique model where users are incentivized to upload karaoke recordings by receiving tokens as rewards. These tokens are donated by other users supporting their favorite karaoke performers. Singers will receive 60% of donated tokens, 20% will be allocated to Somesing and the remaining portion will be allocated to royalties and community maintenance.

Cybersecurity concerns persist in the cryptocurrency space

The breach adds to the growing number of cybersecurity concerns within the cryptocurrency industry. Despite the recent $81.5 million hack of Orbit Bridge, a Klaytn-linked protocol, the overall cryptocurrency hacking volume in 2023 has significantly decreased by more than 50% compared to the previous year.