Web3 social music service SOMESING lost 730 million SSX tokens worth $11.58 million in a hacking incident that was reported on January 29, 2024. SOMESING is a popular blockchain-based social karaoke platform in South Korea. The attack targeted 504 million undistributed SSX tokens, which were initially planned for circulation by the end of 2025, as well as 226 million SSX tokens held by the Somesing foundation that were already in circulation. The hack was not perpetrated by any member of the SOMESING team and speculated that it was carried out by professional hackers specialized in targeting virtual assets. The reason behind the hack is not clear yet. However, it is speculated that the hack was carried out by professional hackers specialized in targeting virtual assets. The details of how the hack was carried out have not been disclosed yet.
What is SOMESING?
SOMESING is a blockchain-based social karaoke platform that allows users to upload their karaoke recordings and earn rewards in the form of SSX tokens. The tokens are funded by other users who donate tokens to their favorite singers. Singers receive 60% of the donated tokens, while SOMESING retains 20%, and the remainder is allocated to copyright fees and community maintenance. The platform is popular in South Korea and operates on the Klaytn blockchain.
What does SOMETHING do after getting stolen?
In response to the breach, SOMESING has reported the incident to the National Police Agency and intends to involve Interpol in the investigation. The company is working closely with the Klaytn Foundation, a local blockchain entity, and Uppsala Security, a firm partnered with Interpol, to track down the attackers. Once the perpetrators are identified, SOMESING plans to freeze the stolen assets and pursue legal action. The incident highlights the ongoing challenge of cybersecurity in the cryptocurrency industry. Major South Korean cryptocurrency exchanges, including Upbit, Bithumb, and Coinone, have temporarily suspended the deposit and withdrawal of SSX tokens in light of the security breach. These exchanges have warned their 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.