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Crypto karaoke platform hacked for over $11.5m

crypto-karaoke-platform-hacked-for-over-11-5m
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News
Crypto karaoke platform hacked for over $11.5m

The South Korean karaoke blockchain platform Somesing lost access to 730 million SSX tokens worth $11.58 million due to a hack.

According to a blog post by Somesing, the hack occurred on Jan. 27. Among the stolen SSX tokens, 504 million were still unallocated tokens that were initially scheduled to go into circulation by the end of 2025, and 226 million SSX tokens were in the possession of the fund.

“As a result, 489 million SSX tokens have been over-circulated compared to the circulation volume under the original circulation supply plan as of the end of January 2024.”

Somesing team

The project team stressed that the hacking incident is not associated with any member of the Somesing squad and is believed to have been carried out by professional hacker(s) who specialize in hacking virtual assets.

The platform team involved the police to investigate the incident. The Klaytn Foundation (Somesing operates on the organization’s blockchain) and Interpol partner Uppsala Security are also helping the karaoke platform find the scammer. Major South Korean exchanges responded to the incident by stopping SSX deposits and withdrawals.

Last week, another project, GAMEE, became the victim of a hacker attack. On January 22, unknown persons gained access to contracts for tokens of the gaming platform (GMEE) and stole a total of $7 million. Amid the news, GMEE collapsed by almost 50%. The investigation showed that unknown persons hacked the GitLab service, which is used for storing and managing repositories. Thus, they managed to gain unauthorized access to contracts for GMEE tokens.