Catenaa, Sunday, August 03, 2025- Centralized crypto exchange WOO X is investigating what it described as a “contained incident” after unauthorized withdrawals from nine user accounts led to an estimated $14 million in losses.
In a recent statement the Seychelles-based firm said the breach was quickly detected, prompting an immediate pause on withdrawals.
Some of the illicit transactions were blocked, and WOO X has pledged to fully reimburse affected customers.
WOO X is coordinating with external cybersecurity teams and other exchanges to track and recover the compromised funds.
Blockchain security firm Cyvers said it has traced the movement of funds across several networks, including Ethereum, Bitcoin, Arbitrum, BNB Chain and Tron.
At least $1 million in USDT was swapped for ETH, while another $7.3 million was funneled into a newly created wallet. Five wrapped Bitcoin tokens on BNB Chain were also exchanged for BNB and sent to a different address.
Despite the breach, WOO X trading volumes surged nearly 265% in the last 24 hours, data from CoinGecko showed.
Founded in 2019, the exchange previously raised $9 million in a 2024 funding round with support from firms including Wintermute and Selini Capital.
The incident is WOO X’s second major security challenge. In 2023, the platform temporarily halted trading after its largest market maker, Kronos Research, was hacked for $25 million, a breach that led to significant internal restructuring.
According to Chainalysis, crypto-related hacks totaled $2.2 billion in 2024, up more than 21% year-over-year, fueled by rising digital asset prices.
