Somesing, a South Korean blockchain-based karaoke platform, suffered a hack on Saturday resulting in the loss of 730 million of its SSX tokens, valued at about $11.58 million. The breach involved both undistributed and circulating tokens and was executed with very sophisticated methods by professional hackers, prompting Somesing to involve the National Police Agency and Interpol. In response, major South Korean crypto exchanges suspended SSX transactions to mitigate risks.
In related news, the crypto community is also facing a surge in phishing scams through Patreon, with scammers targeting users with fraudulent airdrop offers from fake crypto projects. Despite Patreon's efforts to address the issue, users continue to report more scam emails.
The $11 Million Somesing Hack
Somesing, a blockchain-based social karaoke platform in South Korea, is one of the latest crypto exploit victims. The platform announced that it lost 730 million of its native SSX tokens in a hacking incident on Saturday, amounting to about $11.58 million. The stolen tokens included 504 million undistributed SSX tokens, originally intended for circulation by the end of 2025, and 226 million SSX that were already in circulation and held by the Somesing foundation.
Somesing has clarified that the hack was not related to any of its team members. It is believed that the incident was carried out by professional hackers specializing in virtual assets, considering the very sophisticated methods used. In response to this breach, Somesing reported the incident to the National Police Agency for investigation and has also issued an alert to Interpol.
Efforts to find the attacker are already in progress, with Somesing collaborating with the Klaytn Foundation, a local blockchain entity, and Uppsala Security, a partner firm of Interpol. The platform is focusing on freezing the assets and is preparing to take legal action once the perpetrator is identified.
In the meantime, major South Korean cryptocurrency exchanges like Upbit, Bithumb, and Coinone have decided to suspend the deposit and withdrawal of SSX tokens. This is likely to prevent more price volatility due to the security breach.
These exchanges have also issued notices warning their users about the potential risks. However, other platforms where SSX is listed, like HTX and Gate.io, have yet to issue similar warnings.
What is Somesing?
Somesing (SSX) is a blockchain-based network designed specifically for singers and music enthusiasts. It introduces the concept of “sing verse,” or “song universe,” to connect all music lovers. The platform stands out by allowing users to create music both individually and collaboratively using a patented recording method. Leveraging the security and transparency of blockchain technology, Somesing employs smart contracts in its content management system to ensure secure and fair operations.
A key feature of Somesing is its focus on enhancing the remixing and recreation of music, coupled with a fair rewarding system for its users. This is achieved through a user-centered reward system, which allocates 70% of the accumulated tokens to the creators of each song. The aim is to establish an ecosystem that is not just about producing and listening to music but also about making music creation a rewarding experience.
Operating on the Klaytn network, which is known for its efficient “hybrid” design combining the benefits of both public and private blockchains, Somesing emphasizes transparent token distribution and encourages community participation. The platform issues its own token, SSX, which plays a central role in its economy. Whenever a song is created on Somesing, a corresponding block is generated, acting as a song wallet. SSX tokens are then added to this wallet as a form of appreciation and participation from the community.
Somesing was launched in March of 2019 by a team of twenty-five members, led by CEO and founder Heuibae Kim.
Patreon Phishing Scam Targets Crypto Community
Unfortunately, large crypto projects are not the only victims of exploits these days. The crypto community has been hit by a wave of phishing scams involving the content creator platform Patreon. Reports from social media platforms like Reddit have surfaced, pointing out that crypto users are being targeted by scammers who sign them up on Patreon. These scammers then enroll these users in malicious email campaigns from fake crypto projects on Patreon.
These phishing attacks were first noticed around Jan. 23, when users began receiving fraudulent airdrop offers from supposed Patreon creators, impersonating more well known crypto entities like Chainlink (LINK), Solana (SOL), Manta Network (MANTA), and Sui (SUI). These offers were designed to lure users into parting with their cryptocurrency.
On Jan. 25, in response to queries from the crypto community on social media, Patreon Support acknowledged the issue. They identified the root cause as a flaw in their email verification process, coupled with follow-ups from a crypto account posing as a legitimate Patreon creator. They assured that they had resolved the problem and were addressing affected accounts.
Furthermore, a screenshot of an email purportedly from Patreon revealed more details. It described the scam emails as part of a "malicious coordinated attempt" to access users' crypto wallets. Patreon claimed to have rectified this issue.
Despite these assurances, several users have reported that the scam emails have continued in the past few days. Notable mentions in the Reddit “CryptoCurrency” thread include a user who deleted six emails related to a 'Manta' airdrop and another user sarcastically remarking on the effectiveness of the new protections.
This incident is a part of a much larger trend of phishing scams targeting crypto users. In 2023, over 324,000 users fell victim to these scams, with losses totaling around $295 million, according to the blockchain security platform Scam Sniffer.