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Cryptocurrency trading platform WOO X has paused withdrawals after suffering a $14 million exploit in an incident the exchange said was quickly “contained.”
Summary
- WOO X confirmed it suffered an exploit impacting nine accounts and with losses of $14 million.
- Cyvers Alerts detected the attack impacted Bitcoin, Ethereum, BNB and Arbitrum networks on WOO X.
- The exchange paused withdrawals and is investigating the incident with the help of blockchain sleuths and exchanges; it plans to reimburse affected users
WOO X, the platform powered by the WOO (WOO) token, confirmed it had suffered a malicious attack on July 24. The incident impacted nine user accounts.
The losses from the affected accounts totaled $14 million, the platform said in an update following reports from crypto and blockchain security firms.
What happened?
According to Cyvers Alerts, its system “detected multiple suspicious transactions.” The attack impacted Bitcoin, Ethereum, BNB and Arbitrum networks on the trading platform.
In terms of what happened, Cyvers noted that one of the suspicious addresses on Ethereum received $1 million USDT from WOO X’s hot wallet. The wallet then swapped the stablecoin for ETH, with $7.3 million worth of funds later moved to a new address.
On-chain data also showed an attacker’s address on the BNB Chain receiving 5 Bitcoin BEP2, or BTCB, from the exploited accounts. These were also swapped to BNB, with the attacker sending the coins to new addresses.
WOO pauses withdrawals
WOO X responded quickly to the attack, with its team reportedly containing the incident.
We're currently investigating a contained incident that occurred on WOO X earlier today
While user funds and trading are unaffected, withdrawals have been temporarily paused while we complete the investigation.
Stay tuned to this account for updates: https://t.co/qWc9cDhn2z
Initially, the team said the attack did not affect any user funds or trading. The decision to pause withdrawals is a precaution the exchange took to prevent further losses, before later confirming that nine user accounts were impacted.
“As we continue with the investigation, we can confirm losses of $14m from the affected accounts. These users will have all funds covered,” WOO X wrote on X.
The platform said it had already contacted affected customers and would look to reimburse all unauthorized withdrawals resulting from the hack. External security teams and exchanges are currently helping the platform to block the flow of the stolen funds.
Crypto losses in 2025
On July 19, hackers stole $44 million from the CoinDCX crypto exchange, with on-chain data showing the attacker funded their heist with 1 ETH via Tornado Cash.
These latest crypto hacks come amid research reports showing that most crypto threats exploit human behavior and are increasingly deploying artificial intelligence tools.
Already, the first half of 2025 has seen more than $3.1 billion lost to hacks and other exploits, a figure that eclipses the losses seen in 2024.
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