During the weekend, the South Korean Karaoke platform SOMESING experienced a security breach that resulted in the theft of a vast number of SSX tokens, amounting to hundreds of millions. This exploit has prompted cryptocurrency trading platforms in South Korea to notify their users and implement precautionary measures to reduce the risks to investors. Further information can be found in the article discussing potential legal investigations into the Ethereum Foundation’s connection to the Gatecoin hack. Upbit Issues Warnings Concerning Security Threats. On the 212.4th day of January, Upbit, which is the leading cryptocurrency exchange in South Korea, issued a notification to its members regarding the breach of security involving SSX tokens, along with a description of the ensuing steps that would be implemented. During this time frame, Upbit will undertake an in-depth assessment of the cryptocurrency to decide whether to prolong or remove the ‘risk warning’ label or to cease transaction assistance altogether. Meanwhile, 730 million tokens have been transferred to an undisclosed crypto wallet. On January 27, the blockchain-based music service SOMESING informed its users and investors about the specifics of a security breach that took place during the early morning hours of the same day. As a result of this breach, around 730 million SSX tokens, valued at roughly $12.43 million, were transferred to unidentified digital wallets. The objective is to pinpoint where the stolen money ended up and to locate the wallet of the hacker, in hopes of being able to lock down the confiscated assets and expose the identity of the hacker for possible legal proceedings. The SSX token was priced between $0.017 and $0.018 as per CoinGecko’s figures prior to the security breach, but dropped to $0.015 in the hours that succeeded the incident. As of the time of this report, the SSX token is currently valued at $0.01413, experiencing a 12.4% decline in value over the past day. In related news, South Korea is expected to increase regulations on cryptocurrency mixers.