Seoul, South Korea – In an unforeseen security breach, South Korean cryptocurrency exchange Upbit has announced the temporary suspension of deposits and withdrawals for SSX tokens. This decision comes in the wake of a substantial financial breach involving over $10.2 million worth of tokens.
Immediate Response to the Heist
On January 29, a press release from Upbit confirmed the suspension of all transactions involving the Somesing (SSX) token. The abrupt halt was triggered by a notification from the project’s team, alerting the exchange to an unauthorized withdrawal of approximately 730 million SSX tokens, valued at just over $10.2 million. The tokens were siphoned off to undisclosed wallets by unknown assailants.
Proactive Measures and Investigation
Upbit has taken a proactive stance following the discrepancy in the SSX token distribution volume, which deviated from the previously established distribution plan. In collaboration with the Somesing Foundation, Upbit is delving into the incident to ascertain the specifics of the fund’s displacement. At this juncture, the strategy employed by the cyber-thieves to execute the heist remains obscure.
Collaborative Efforts to Resolve the Crisis
According to reports from crypto.news, the Somesing Foundation has clarified that no members of their team are implicated in the theft. The crime is suspected to be the handiwork of professional hackers with expertise in the pilfering of digital currencies.
The Somesing team has not only involved local law enforcement but has also reached out to the Klaytn Foundation—on whose blockchain Somesing operates—and Uppsala Security, a partner of Interpol, in the quest to track down the cybercriminals.
Market Reaction to the Incident
Despite the unsettling news of the heist, SSX has experienced a 7% upswing in its trading value, currently listed at $0.01488 on CoinMarketCap. This unexpected market response underscores the volatile and unpredictable nature of the cryptocurrency market.
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