WOO X, a little-known centralized crypto trading platform, said it is investigating “a contained incident” impacting nine customer accounts on Thursday. The company noted that “unauthorized withdrawals were placed,” totalling an estimated $14 million.
“The incident was quickly detected and as a precaution, withdrawals were paused and many of the withdrawals were blocked,” WOO X said. “We’ve already contacted the affected users, and all unauthorized withdrawals will be covered.”
The firm said it is working with external security teams and other exchanges to halt the flow of funds. WOO X trading volumes have spiked 264.8% over the past 24-hours, according to CoinGecko data.
Crypto security firm Cyvers has begun tracking funds as they move along the Arbitrum, Bitcoin, BNB Chain, Ethereum, and Tron networks. The firm said about $1 million worth of USDT was swapped into ETH with an additional $7.3 million worth of funds later sent to a new address.
An additional five wrapped BTC tokens on the BNB Chain were swapped into BNB tokens and sent to a new address, Cyvers said.
Crypto hacks are not an uncommon occurrence in the industry. Chainalysis estimates there were losses totaling at least $2.2 billion in 2024 across centralized and decentralized blockchain platforms. This represents a 21.07% year-over-year increase during a year that saw rising crypto prices, which is typically a driving factor in increasing crypto crime.
WOO X is a Seychelles-registered centralized exchange established in 2019. The firm most recently raised $9 million in a 2024 funding round with participation from Wintermute, Selini Capital, among others.
Notably, in 2023, WOO X temporarily paused trading activity after its largest market maker and incubator, Kronos Research, experienced a $25 million hack, in a move that caused it to revamp its market mechanisms.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
