A Cryptocurrency Platform was Hacked in South Korea, Altcoins Worth 11 Million Dollars were Stolen! Price Dropped!

While the popularity of cryptocurrencies continues to increase, hacking incidents continue to occur.

At this point, the latest news came from South Korea.

Somesing, a blockchain-based social karaoke platform in South Korea, has become the latest victim of a crypto hack.

Due to a security breach, hackers stole the platform’s native token, the platform said in a statement. At this point, while 730 million SSX ($11.58 million) was stolen, the team made an announcement about the hack attack.

In its announcement, the team stated that 504 million of the 730 million SSX stolen have not yet been put into circulation, and that these tokens are planned to be put into circulation by the end of 2025.

504 million of these tokens were held by the Somesing foundation.

In its announcement, the team also said that the hacking incident was not related to any member of Somesing’s team and that the incident was thought to be carried out by professional hackers who specialize in hacking cryptocurrencies.

Following the hack incident, major South Korean crypto exchanges including Upbit, Bithumb, and Coinone halted deposits and withdrawals of SSX upon Somesing’s request.

While SSX trading was also affected by this hacking incident, the price was also negatively affected. Following the incident, the SSX price dropped by 15%.

*This is not investment advice.