South Korea’s popular Blockchain-based karaoke platform Somesing has been hit with a surprising development. Because there was a cyber attack that stole the altcoin project, 730 million native SSX tokens, that is, approximately 11.58 million dollars. This recently reported incident has shaken the platform’s community and reignited concerns in the broader cryptocurrency landscape about the security of crypto assets.
What happened in the altcoin project?
The attack, thought to be the work of experienced virtual asset hackers, targeted both allocated and unallocated SSX tokens. Hackers stole 504 million undistributed tokens planned for future release by the end of 2025 and 226 million tokens currently in circulation held by the Somesing foundation. Somesing reported the incident to the National Police Agency and requested Interpol’s assistance. They are also working with the Klaytn Foundation, the blockchain network they work on, and cybersecurity firm Uppsala Security to find the perpetrator. Once the perpetrator is identified, Somesing will freeze the stolen assets and take legal action.
There was a decrease in price
The hack gave investors goosebumps. Major South Korean cryptocurrency exchanges such as Upbit, Bithumb, and Coinone have halted SSX deposits and withdrawals to ease volatility concerns. The price of the token also hit rock bottom and dropped by 16.92% in the last 24 hours. This incident served as a stark reminder of the ongoing cybersecurity challenges plaguing the cryptocurrency industry. It comes on the heels of an $81.5 million hack of the Klaytn-related Orbit Bridge protocol earlier this month.
Although the total volume of crypto hacks in 2023 shows a promising decline compared to 2022, the Somesing attack demonstrates the ever-present risk. As the industry continues to grow and evolve, striking the balance between innovation and security remains important.
What is somesing?
For those unfamiliar with the platform, Somesing encourages users to upload karaoke recordings by rewarding them with SSX tokens. These rewards are funded by other users who “tip” their favorite singers, creating a dynamic token economy within the platform.
The Somesing hack is a cautionary tale that reminds us that the cryptocurrency space, no matter its potential, is not immune to malicious actors. As the industry matures, prioritizing robust security measures and fostering international collaboration will be critical to ensuring a harmonious and secure future for all stakeholders.
Additional information is as follows:
- Somesing is a social karaoke platform running on the Klaytn Blockchain.
- The platform uses SSX tokens to incentivize users to upload karaoke recordings.
- The hack resulted in the theft of 730 million SSX tokens.
- This accounts for approximately 10% of Somesing’s total supply.
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