Somesing Falls Victim to Exploit, Loses $11.58 Million
Somesing, a popular blockchain-based social karaoke platform in South Korea, has experienced a security breach resulting in the loss of approximately $11.58 million. The platform recently revealed that 730 million of its native token SSX had been compromised. The attack specifically targeted 504 million undistributed SSX tokens and 226 million SSX tokens held by the Somesing foundation.
Somesing Reports the Incident and Collaborates with Authorities
In response to the breach, Somesing reported the incident to the National Police Agency and plans to involve Interpol in the investigation. The company is working closely with the Klaytn Foundation and Uppsala Security to track down the attackers. Once identified, Somesing intends to freeze the stolen assets and pursue legal action against the perpetrators.
South Korean Exchanges Temporarily Suspend SSX Transactions
Major South Korean cryptocurrency exchanges, including Upbit, Bithumb, and Coinone, have temporarily halted the deposit and withdrawal of SSX tokens following the security breach. These exchanges have warned users about potential price volatility resulting from the exploit. However, HTX and Gate.io, where the token is also listed, have not issued similar warnings.
The Challenge of Cybersecurity in the Crypto Industry
This incident highlights the ongoing challenge of cybersecurity within the cryptocurrency industry. It follows a recent $81.5 million hack on the Klaytn-linked protocol Orbit Bridge. Security breaches like these emphasize the need for robust security measures to protect user assets and maintain trust in blockchain platforms.
South Korean Exchanges Block Millions in Romance Scam Transactions
Last year, South Korean crypto exchanges blocked over $82 million worth of transactions linked to romance scams. Coinone, a major exchange, reported halting over $2.6 million worth of romance scam-related trades. The exchange utilized an abnormal transaction detection system and 24-hour monitoring to protect customers. The Financial Supervisory Service (FSS) also warned the public about rising crypto-related scams on social media sites, particularly romance scams.
Hot Take: Somesing Faces Major Loss in Token Exploit
Somesing, a leading blockchain-based karaoke platform in South Korea, has fallen victim to a security breach resulting in the loss of approximately $11.58 million worth of SSX tokens. The attack targeted both undistributed tokens and those already in circulation. Somesing has taken immediate action by reporting the incident to authorities and collaborating with blockchain entities and security firms to track down the attackers. This breach highlights the ongoing cybersecurity challenges faced by the crypto industry, emphasizing the importance of robust security measures. Additionally, major South Korean exchanges have temporarily suspended SSX transactions as a precautionary measure.
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