The South Korean Karaoke Blockchain Platform Somesing Loses $11.58 Million in Hack
The South Korean karaoke blockchain platform Somesing recently experienced a hack that resulted in the loss of 730 million SSX tokens, valued at $11.58 million.
Hack Details and Token Loss
According to a blog post by Somesing, the hack took place on January 27. Out of the stolen SSX tokens, 504 million were unallocated tokens that were supposed to be in circulation by the end of 2025. Additionally, 226 million SSX tokens were held by the fund.
“As a result, 489 million SSX tokens have been over-circulated compared to the circulation volume under the original circulation supply plan as of the end of January 2024.”
Somesing team
Professional Hacker Suspected
The Somesing project team emphasized that none of its members were involved in the hacking incident. They believe that professional hackers specializing in virtual asset theft carried out the attack.
Investigation and Support
The platform team has involved the police in investigating the incident. The Klaytn Foundation, on whose blockchain Somesing operates, and Interpol partner Uppsala Security are also assisting in locating the scammer. In response to the hack, major South Korean exchanges have suspended SSX deposits and withdrawals.
Similar Incident with GAMEE
Last week, another project called GAMEE was targeted by hackers. On January 22, unknown individuals gained access to contracts for GMEE tokens, resulting in a total loss of $7 million. The news caused GMEE’s value to plummet by nearly 50%. The investigation revealed that the hackers breached the GitLab service, which is used for repository management, to gain unauthorized access to the GMEE token contracts.
Hot Take: Protecting Digital Assets Requires Constant Vigilance
In an increasingly digitized world, the security of digital assets becomes paramount. Hacks like the ones experienced by Somesing and GAMEE serve as stark reminders of the vulnerabilities present in the blockchain space. It is crucial for both platform operators and individual users to implement robust security measures and stay vigilant against potential threats. By adopting best practices and partnering with security experts, the crypto community can work towards creating a safer environment for digital asset transactions.
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