In a January 28 report, the renowned blockchain-oriented Karaoke platform Somesing suffered significant losses after a hacker launched a malicious attack.
The report demonstrated that the hackers gained unauthorized access to the Somesing platform, siphoning assets worth 730 million SSX tokens.
Hackers Exploits Somesing Platform
The attack forced the Somesing team to take preventive measures to protect the customers assets. These security measures involved reporting the hacking incident to relevant law enforcement unit.
Somesing reported the incident to the South Korean National Police Agency and Interpol. In the report, the Somesing team anticipates that collaboration with government agencies to investigate the matter will yield the recovery of lost assets.
Besides involving the law enforcers in the ongoing investigations, the Somesing team has partnered with fast-paced security intelligence units, including the Klaytn Foundation and Uppsala security firm, to track the stolen fund.
In the ongoing investigation, the Somesign team plans to freeze the stolen funds and convict the criminals behind the multi million dollar attack. The probing team anticipates identifying the hackers soon. Collaborating with private and public security firms aims to bring down the Somesing attackers.
Somesing Collaborates with Law Enforcers to Recover Stolen Assets
A review of the report from the probing team demonstrated that hackers escaped with 504 million undistributed SSX tokens. The Somesing lamented that the company had planned to issue the stolen undistributed SSX token by next year.
The technical team noted that the hackers also stole 226 million SSX tokens that belong to the Somesing Foundation. After analyzing the nature of the attack, the Somesing team noted that the exploit was conducted by professional hackers targeting to steal digital assets.
The investigators stated that the method used by the hackers was more advanced and could not be executed by unskilled hackers. Based on the complexity of the attack, Somesing confirmed that the attack did not involve any of the employees.
In support of the ongoing investigation, the leading crypto exchanges in South Korea, including Upbit, Coinone, Bithumb, and Upbit, suspended the withdrawal and depository of SSX tokens to track the movement of the stolen asset.
Rise of Crypto Crime
Also, these crypto exchange cautioned investors against investing in SSX, citing the price volatility of the token caused by the security breach. The notice warning the customers against SSX investment has been shared by HTX and Gate.io.
Upon contacting Somesing to inquire about the progress of the recovery, the investigators did not comment. Based on the investigation report, the January 28 hacking was the first exploit Somesing has ever suffered.
Since 2018, the Somesing platform has offered content creators an avenue to generate profit. A review of Somesing report demonstrated that the creators can upload karaoke content to earn a reward.
According to the compensation plan, the content creator receives 60% of the profits from their work. The report demonstrated that 20% of the profits are returned to the Somesing platform while the remaining 20% carters for copyright charges and community upkeep.