Blockchain-based social karaoke platform Somesing has suffered an exploit, losing 730 million of its native token SSX which amounts to $11.58 million.
Somesing was hacked for 504 million undistributed SSX tokens and 226 million SSX which were in circulation , the South Korean firm confirmed in a notice.
Somesing assumes that the hack was conducted by professional hackers as it could not link the attack to any member of its team.
The platform has reported to the National Police Agency for an investigation into the hacking incident and said it will alert Interpol.
Blockchain entity Klaytn Foundation and interpol partner firm Uppsala are Somesing in tracing the attacker. Somesing said it plans to freeze the assets and take legal action upon identifying the perpetrator.
Major South Korean crypto exchanges, including Upbit, Bithumb and Coinone, have halted deposit and withdrawal of SSX at Somesing’s request.
Somesing runs on the Klaytn blockchain and incentivizes users to upload karaoke recordings by rewarding them with tokens. These rewards are funded by other users who donate tokens to their favorite karaoke singers.
Singers receive 60% of the donated tokens, with 20% going to Somesing and the remainder allocated for copyright fees and community upkeep.