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South Korean Web3 Music Service Somesing Loses $11.58 Million in Token Exploit

Somesing, a well-known social karaoke platform in South Korea that operates on the blockchain, has suffered a significant security breach, resulting in the loss of approximately $11.58 million in value.

In a recent Medium article, the platform disclosed that 730 million of its native SSX tokens had been compromised as a result of the attack. The attack specifically targeted 504 million SSX tokens that had not yet been distributed and were originally intended for circulation by the end of 2025. Additionally, 226 million SSX tokens owned by the Somesing foundation, which were already in circulation, were also affected by the breach.

Somesing made it clear that the hack was not carried out by any of its team members and suspected that it was executed by skilled hackers with expertise in targeting virtual assets.

Somesing Reported the Incident to Authorities

Following the breach, Somesing has taken swift action by reporting the incident to the National Police Agency and has expressed its intention to involve Interpol in the ongoing investigation.

The company is actively collaborating with the Klaytn Foundation, a local blockchain organization, and Uppsala Security, a firm in partnership with Interpol, to trace and apprehend the culprits behind the attack.

Once the individuals responsible for the breach are identified, Somesing is planning to freeze the stolen assets and pursue legal measures against them.

In response to this security breach, major South Korean cryptocurrency exchanges such as Upbit, Bithumb, and Coinone have temporarily suspended the deposit and withdrawal of SSX tokens as a precautionary measure.

These cryptocurrency exchanges have taken the precaution of cautioning their users about the potential price fluctuations resulting from the security breach. However, HTX and Gate.io, two other platforms where the token is listed, have not issued similar warnings.

Somesing operates on the Klaytn blockchain, incentivizing users to upload their karaoke recordings by rewarding them with SSX tokens. These tokens are contributed by other users who choose to donate tokens to their favorite singers. Singers receive 60% of the donated tokens, while Somesing retains 20%, and the remaining portion is allocated to cover copyright fees and support community maintenance.

This incident underscores the persistent challenge of cybersecurity within the cryptocurrency industry. It is worth noting that earlier this month, the Klaytn-linked protocol Orbit Bridge experienced a security breach resulting in a loss of $81.5 million.

SK Exchanges Blocked $82M in Romance Scam Transactions

In the past year, South Korean cryptocurrency exchanges have reportedly blocked transactions worth over $82 million linked to romance scams.

Coinone, a cryptocurrency exchange, recently issued a statement highlighting the prevalence of catfishing and other romantic scams involving cryptocurrencies in South Korea. According to Coinone, they have stopped more than $2.6 million worth of trades associated with romance scams. The company utilizes an “abnormal transaction detection system” and a 24-hour monitoring network to safeguard their customers.

This announcement followed a warning from the Financial Supervisory Service (FSS). On January 22, the FSS expressed concerns about the increasing number of crypto-related scams on social media platforms. The regulator cautioned the public to be vigilant about romance scammers and also warned against unsolicited investment-related “recommendations and advice.”

The FSS specifically advised people to exercise caution when dealing with individuals of the opposite sex or strangers who offer assistance with investments.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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