Somesing Blockchain-Based Karaoke Platform Hacked, IDR 181 Billion Stolen!

Source : Photo by Clint Patterson on Unsplash

Somesing, a South Korean blockchain-based social karaoke platform, fell victim to an exploitation incident on January 27, 2024, resulting in the theft of 730 million SSX tokens valued at over US$11.5 million or approximately Rp181 billion. The theft involved 504 million undistributed SSX tokens and 226 million tokens owned by the Somesing foundation.

The Somesing team has confirmed that this incident was the work of professional hackers and is not linked to internal team members. They have reported the case to the National Police and plan to involve Interpol in the investigation.

Somesing is also tracking the attackers with the assistance of a local blockchain entity, Klaytn Foundation, and Interpol's partner company, Uppsala Security. Somesing stated that they intend to freeze assets and take legal action after identifying the perpetrators.
Major crypto exchanges in South Korea, such as Upbit, Bithumb, and Coinone, have halted SSX deposits and withdrawals to prevent further damage. This step demonstrates quick response and effective coordination among various stakeholders in the crypto ecosystem to protect users and their assets.

About Somesing:

Source : cmc

Somesing, operating on the Klaytn blockchain, is a project that incentivizes users to upload karaoke recordings by rewarding them with tokens. These rewards are funded by other users who contribute tokens to their favorite karaoke singers. Singers receive 60% of the contributed tokens, with 20% going to Somesing and the remainder allocated for copyright fees and community maintenance.

The Somesing hack adds to the list of crypto-related breaches that occurred in early 2024. Previously, Orbit Chain, enabling cross-chain transactions, also faced a hack with an estimated financial loss of US$81 million.

Read Too : Loan Platform Nexo Requests US$3 Billion in Compensation from the Bulgarian Government

*Disclaimer:

This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.