South Korea’s crypto karaoke platform hacked for over $11.5 million

South Korea’s blockchain-powered karaoke platform, Somesing, fell victim to a hack over the weekend, resulting in the loss of approximately $11.5 million. The exploit targeted the platform’s native token, SSX, and the stolen amount included both undistributed tokens and those already in circulation. Somesing was quick to clarify that none of its team members were involved in the hacking incident, suggesting that it was the work of professional hackers specializing in virtual asset theft. Somesing has since reported the incident to the authorities and is coordinating with the Klaytn Foundation and Uppsala Security to track down the attacker. In response to the security breach, major South Korean cryptocurrency exchanges have suspended deposit and withdrawal services for SSX, citing potential price volatility. Somesing operates on the Klaytn blockchain and rewards users with tokens for uploading karaoke recordings, with the aim of supporting and incentivizing the karaoke community. This incident highlights the ongoing need for improved cybersecurity measures in the cryptocurrency industry, despite a decline in overall crypto hack volumes compared to previous years.