In a significant blow to the thriving cryptocurrency landscape in South Korea, Somesing, a popular blockchain-based social karaoke platform, recently experienced a serious security breach by a hacker that resulted in the loss of over $11.5 million.
The platform, which now actively collaborates with local authorities and Interpol, must face the challenge of identifying and arresting the professional hackers responsible for the exploit.
Somesing, the encrypted karaoke platform from South Korea, hacked for over 11.5 million dollars
In a shocking twist, Somesing, a blockchain-based social karaoke platform in South Korea, has fallen victim to a major security breach resulting in the loss of 730 million SSX, its native token, equivalent to a staggering 11.58 million dollars.
The incident occurred on Saturday, leaving the platform struggling to contain the consequences and take immediate measures to address the breach.
Somesing has confirmed that it is an orchestrated external attack by professional hackers and is collaborating with local authorities and international organizations, including Interpol, to identify and arrest those responsible.
The utilized amount includes 504 million undistributed SSX tokens, intended for circulation by the end of 2025, and 226 million SSX tokens already in circulation, held by the Somesing foundation.
In its official announcement, the platform emphasized that the hacking incident is not related to any member of the Somesing team. On the contrary, it indicated the involvement of professional hackers with specialized experience in virtual asset breaches.
Somesing quickly responded to the breach by reporting the incident to the National Police Agency for a thorough investigation.
The platform has also relied on the services of the local blockchain entity Klaytn Foundation and has collaborated with Uppsala Security, an Interpol-affiliated company, to track down the attacker. The company intends to freeze the compromised assets and take legal action against the hacker once their identity has been confirmed.
Collaboration efforts and market impact
In an attempt to mitigate the potential repercussions of the security breach, the main South Korean cryptocurrency exchanges, including Upbit, Bithumb, and Coinone, have complied with Somesing’s request to temporarily suspend the deposit and withdrawal of SSX.
These exchanges have also warned users of possible increased price volatility related to the hacking incident. It should be noted that HTX and Gate.io, which also list the SSX token, have not issued similar warnings at this time.
Something is working on the Klaytn blockchain and adopts a unique business model that incentivizes users to upload karaoke recordings by rewarding them with SSX tokens.
Users can support their favorite karaoke artists by donating tokens; singers receive 60% of the donated tokens, Somesing receives 20%, and the remaining 20% is allocated for copyright expenses and community maintenance.
The hack of Somesing adds to the growing list of cybersecurity issues in the cryptocurrency sector.
Just at the beginning of this month, the Orbit Bridge protocol, linked to Klaytn, suffered a breach of 81.5 million dollars.
Despite these incidents, recent data indicates an overall decrease in the total volume of cryptocurrency hacks in 2023, with a decrease of over 50% compared to the previous year. However, the industry remains vigilant, recognizing the persistent threats posed by sophisticated hackers.
Conclusions and market response
The hack of Somesing has pushed the entire cryptographic community to reassess security measures and strengthen defenses against potential cyber threats.
Since the platform collaborates with law enforcement and international organizations such as Interpol, the incident highlights the importance of quick and coordinated responses to such security breaches.
The unfortunate encounter of the Somesing platform with a serious security breach serves as a reminder of the ongoing challenges that the cryptocurrency sector must face to ensure the security and integrity of digital assets.
With the evolution of investigations and the intensification of collaborative efforts, the incident will undoubtedly shape discussions on cybersecurity protocols, user protection, and the overall resilience of blockchain-based platforms in the face of evolving cyber threats.
