South Korean Exchange Upbit Suspends Deposits and Withdrawals for SSX Tokens
Upbit, a South Korean crypto exchange, has temporarily halted deposits and withdrawals for Somesing (SSX) tokens following a report of a $10.2 million hack. According to Upbit’s press release on January 29th, approximately 730 million SSX tokens were stolen and transferred to unknown wallets.
The exchange decided to flag SSX tokens due to a discrepancy in their distribution volume compared to the previously submitted plan. Upbit plans to work with the Somesing Foundation to investigate the incident and gather more information about the movement of funds. However, it remains unclear how the hackers managed to withdraw such a large amount of SSX tokens.
Hackers Believed to be Professionals Specializing in Cryptocurrency Hacks
Somesing Foundation, the platform behind SSX tokens, emphasized that none of its members were involved in the incident. They suspect that professional hackers with expertise in cryptocurrency hacking are responsible for the theft. The platform team has involved law enforcement agencies in their investigation, and they are also receiving assistance from the Klaytn Foundation and Interpol partner Uppsala Security.
Despite the hack, SSX tokens have seen a 7% increase and are currently trading at $0.01488 according to CoinMarketCap.
Hot Take: Upbit Faces Significant Security Breach with SSX Token Hack
The recent security breach at Upbit involving the theft of $10.2 million worth of SSX tokens is a concerning incident for both the exchange and its users. The suspension of deposits and withdrawals indicates that Upbit takes this matter seriously and aims to protect its customers from further losses. The involvement of law enforcement agencies and collaboration with other organizations demonstrate the determination to identify and bring the hackers to justice. However, this incident highlights the ongoing challenges faced by crypto exchanges in ensuring robust security measures to safeguard user funds. It serves as a reminder for crypto users to exercise caution and choose platforms with strong security protocols.
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