Advance notice regarding SSX token swap and the resumption of deposits and withdrawals in overseas exchanges

SOMESING
2 min readMar 12, 2024

Hello,

This is the SOMESING (SSX) team.

On February 27th, our team submitted an application to the court for suspension of effect against the DAXA’s decision to terminate transaction support for SSX through its partner law firm on March 4th and submitted all available materials. However, SOMESING’s application has been dismissed by the court today. While we respect the court’s decision, we are very regretful that we did not bring a positive outcome. Also, we sincerely apologize for any disappointment this may have caused to the SOMESING community and SSX holders.

In response to the decision by Korean exchanges to discontinue SSX trading support, the SOMESING team has been discussing with overseas exchanges where SSX is listed, including HTX and Gate, regarding the timeline for the resumption of deposits and withdrawals. Additionally, in our efforts to continually track and recover assets stolen through hacking, we have requested the relevant exchanges to maintain the freeze on accounts identified as belonging to hackers. We have received confirmation from these exchanges that they will suspend all withdrawals from accounts used or associated with hackers. The SOMESING team remains committed to cooperating with judicial authorities, including investigative agencies, to track the stolen assets and will continue to make relentless efforts to recover them.

To fundamentally prevent the liquidation of assets stolen through hacking, such as their additional movement and inflow into exchanges, the SOMESING team plans to conduct a token swap migration by issuing new tokens through a new contract. We are currently finalizing detailed schedules for snapshot timing and token swap, and are in the process of drafting comprehensive guides for holders on the new token swap process, as well as overseas exchange deposits and withdrawals. Additionally, we are preparing discussions and guidance for exchanges that will support the token swaps.

Regarding the token swap, we intend to provide comprehensive details on the schedule and process through a separate notice before SSX withdrawal support finishes on the Korean exchanges.

The SOMESING team is committed to faithfully executing the previously disclosed business plan and will proceed with listing on more global exchanges to restore its lost trust and diligently work towards normalizing our operations. We appreciate your understanding and patience as we strive to restore full functionality and security to SSX trading operations.

Thank you for your continued support.

Warm regards,

SOMESING Team

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