Key takeaways:
- South Korean karaoke blockchain platform,Somesing lost $11.58 million in a hacking incident.
- Somesing confirmed that the hack was perpetrated by professional hackers from outside the organization.
In a concerning development for the cryptocurrency ecosystem in South Korea, popular blockchain-based social karaoke platform Somesing recently fell victim to a severe security breach, resulting in a staggering loss of over $11.5 million.
The platform, now actively collaborating with local authorities and Interpol, is grappling with the daunting task of identifying and apprehending the professional hackers responsible for the breach.
According to a recent blog post by Somesing, the hack took place on Jan. 27, marking a significant setback for the platform’s operations.
Among the stolen SSX tokens, a substantial portion of 504 million remained unallocated tokens initially slated for circulation by the end of 2025, while 226 million SSX tokens were part of the platform’s fund.
The security incident has led to an over-circulation of 489 million SSX tokens compared to the original circulation supply plan as of the end of January 2024. Somesing has promptly reported the hacking incident to the National Police Agency and plans to alert Interpol for a comprehensive investigation.
In collaboration with local blockchain entity Klaytn Foundation and Interpol partner firm Uppsala Security, Somesing is actively tracing the attacker and intends to freeze the assets while pursuing legal action once the perpetrator is identified.
In response to the breach, Somesing has taken swift precautionary measures, urging major South Korean cryptocurrency exchanges such as Upbit, Bithumb, and Coinone to suspend deposits and withdrawals of SSX tokens.
This proactive step aims to prevent further unauthorized movement of the stolen tokens and safeguard the interests of their users.
Operating on the Klaytn blockchain, Somesing incentivizes users to upload their karaoke recordings by rewarding them with tokens sourced from donations made by other users. Singers receive 60% of the donated tokens, with 20% allocated to Somesing, while the remaining portion is allocated to copyright fees and community maintenance.
The security breach underscores the pressing need for robust cybersecurity measures within the cryptocurrency space and serves as a stark reminder of the vulnerabilities inherent in digital asset platforms.
As Somesing navigates the aftermath of the hack, the incident highlights the importance of stringent security protocols to mitigate the risk of future breaches and ensure the safety of user funds.
