Seoul, South Korea Tuesday, January 30, 2024 – South Korean cryptocurrency exchange Upbit on Monday raised a red flag on the SSX (SOMESING) token, issuing an investment warning and temporarily suspending both trading and withdrawals due to potential security concerns. 1
On Saturday Somesing disclosed a loss of 730 million of its native token, SSX, amounting to $11.58 million, according to various reports.
Although many news reports claimed it was an attack, Upbit has worded it in its announcement as “inconsistencies”. One report said that the platform collaborated with the Klaytn Foundation and Uppsala Security, an Interpol-affiliated cybersecurity firm, to track the perpetrators.2
Two other prominent South Korean cryptocurrency exchanges Bithumb, and Coinone have also suspended the deposit and withdrawal of SSX at the request of the Somesing Foundation.
The action comes after the Digital Asset eXchange Association (DAXA) flagged SSX, prompting Upbit to investigate suspicious fund movements linked to wallets owned by the Somesing Foundation.
Upbit said in its media release that it had contacted the Somesing Foundation for clarification and would conduct a thorough investigation into the matter.
It said the review period will span until February 14, with an extension if necessary.
“To protect investors, we have flagged an investment warning on SSX (Somesing),” Upbit said.
The designation prompts users to exercise caution when considering trades involving the token.
Should the investigation fail to resolve the discrepancy within the review period, Upbit has the authority to terminate market support for SSX, effectively delisting the token from its platform.
- Upbit: https://upbit.com/service_center/notice?id=4013[↩]
- https://singlovers.medium.com/emergency-notice-following-the-hacking-incident-of-ssx-tokens-b66cd714dcd1[↩]
