Upbit red-flags SSX tokens after $10.2m hacking incident

South Korean crypto exchange Upbit suspended deposits and withdrawals for SSX tokens after the project’s team alarmed about a $10.2 million heist.

Upbit says in a Jan. 29 press release that it is suspending deposits and withdrawals of Somesing (SSX) token following a report that 730 million SSX tokens (over $10.2 million) were hacked and withdrawn to unknown wallets.

Upbit, in its announcement, stated that it flagged SSX tokens due to a change in the distribution volume of SSX tokens compared to the previously submitted distribution plan. The exchange intends to collaborate with the Somesing Foundation to investigate the incident and verify details related to the fund movement. As of press time, the method employed by the hackers to withdraw millions of dollars’ worth of SSX tokens remains unclear.

You might also like: Crypto investors lost nearly $2b over 600+ incidents in 2023, data shows

As crypto.news reported earlier, Somesing Foundation stressed that the incident is not associated with any member of the foundation and is believed to have been carried out by professional hacker(s) who specialize in hacking cryptocurrencies.

The platform team involved the police to investigate the incident. The Klaytn Foundation (Somesing operates on the organization’s blockchain) and Interpol partner Uppsala Security are also helping the karaoke platform find the hacker. Despite the incident, SSX is up 7% and is trading at $0.01488, as per CoinMarketCap.

Read more: Crypto exchange Upbit secures full operational license in Singapore
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