SOMESING

Foundation

Over the weekend, SOMESING, a popular South Korean karaoke service, <a href="https://optimisus.com/news/crypto-news/this-play-and-own-mobile-gaming-platform-gamee-loses-over-14-million-to-hackers/" rel="noopener noreferrer nofollow">was hacked</a>, resulting in the theft of hundreds of millions of SSX tokens.  
Following the incident, several South Korean crypto exchanges, including Upbit, Bithumb, and Coinone, have issued warnings to users and taken immediate steps to reduce potential investor risks.  
On January 29, Upbit, South Korea's largest crypto exchange, issued a press release informing users of the SSX token hack and outlining precautionary measures to address the situation.  
Upbit and other exchanges responded to SOMESING's request by temporarily suspending SSX token deposits and withdrawals.  
According to the press release, Upbit has designated the SSX token as a 'cautionary asset' due to <a href="https://optimisus.com/news/crypto-news/this-arbitrum-based-liquidity-management-protocol-loses-1-6-million-to-hackers/" rel="noopener noreferrer nofollow">security concerns</a> raised by suspicious movements in SOMESING Foundation wallets.  
The decision is consistent with the Digital Asset Exchange Association (DAXA) designation designed to protect investor interests.  
The 'cautionary asset' label triggers a review period from January 19, 2024, to February 14, 2024, during which Upbit will evaluate the SSX token's status and determine whether to extend, lift, or terminate the 'cautionary asset' designation.  
SOMESING first disclosed the hack on January 27, reporting an unauthorized withdrawal of 730 million SSX tokens (around $11 million at the time) to unknown wallets.  
The Foundation clarified that 504 million of the stolen SSX tokens were originally intended for circulation by the end of 2025, with the remaining 226 million included in their circulating supply plans.  
SOMESING's investigation indicates that the attack was most likely carried out by professional hackers with no involvement from the platform's team.  
In response, the Foundation promptly reported the incident to the National Police Agency's Cyber Investigation Unit, with plans to involve Interpol. 
The post <a href="https://optimisus.com/news/crypto-news/this-crypto-exchange-loses-over-10-million-to-hackers/" rel="noopener noreferrer nofollow">This crypto exchange loses over $10 million to hackers</a> appeared first on <a href="https://optimisus.com" rel="noopener noreferrer nofollow">Optimisus</a>.

This crypto exchange loses over $10 million to hackers

Optimisus

Other articles published on Jan 30, 2024

BNB NFT Trading Sales Jump +600%, After LockDeal NFT Collection Explode In Sales

Chainlink (LINK) Maintains Support Amid Market Recovery and Targets New Highs

Forget GameStop Stock, Here Is GameStop Meme Coin (GME) And It’s Worth Millions

Biggest Crypto Gainers Today on Uniswap – XTP, DOGE-1, BARL

Preparing for Unexpected Expenses in Retirement: Avoiding the Golden Handcuffs with Practical Sol...

Billionaire Anthony Scaramucci Reveals Post-Halving Price Target for Bitcoin

Join our free newsletter for daily crypto updates!