BREAKING: WOO X Exchange Hit by $14M Hack – User Funds Drained

Another day, another crypto heist—WOO X joins the hall of shame after attackers siphon $14 million from user accounts. Here’s the brutal breakdown.

The Damage Report

Digital thieves bypassed security protocols like a hot knife through butter, leaving traders scrambling. No fancy jargon—just cold, hard theft.

Why It Stings

Centralized exchanges promise Fort Knox security… until they don’t. Users now face the classic crypto dilemma: trust or self-custody? (Spoiler: The latter’s looking smarter.)

The Ironic Twist

WOO X marketed ‘institutional-grade’ safeguards. Hackers clearly didn’t read the whitepaper—or maybe they did, spotting the weak points.

Another reminder: In crypto, your keys are your coins. Everything else? Just an IOU from a company that might get hacked tomorrow.

WOO X Hack Explained

Crypto crime is definitely high in 2025, as the largest exchange hack in history took place a few months ago. Earlier today, online watchdogs reported a possible hack at WOO X, representing a $12 million loss.

This involved suspicious transactions on its BTC, ETH, BNB, and ARB networks:

ALERTOur system has detected multiple suspicious transactions with an estimated loss of more than $12M involving @_WOO_X among $BTC, $ETH, $BNB, and $ARB networks.
Suspicious address on $ETH received $1M $USDT from WOO’s hot wallet, with additional $ETH.
The full $1M in… pic.twitter.com/XSvuwCOsZ7

WOO X, a centralized exchange, subsequently suspended withdrawals and quickly posted a statement confirming that a hack took place.

The firm claimed that the breach was localized to nine specific accounts, which were apparently user-owned and not company-affiliated. Additionally, it confirmed that $14 million were stolen, overshooting the estimated $12 million.

Hackers have been targeting crypto exchanges extensively throughout the past few months. Last week, CoinDCX’s internal wallet was compromised, enabling a $44 million theft.

Earlier, BigONE lost $27 million, and GMX fell victim to a $42 million hack. Moving back to June reveals even more egregious crimes.

Meanwhile, WOO X is still investigating the cause of this breach and plans to provide further updates as soon as possible.

Already, the firm has provided an exclusive statement on the situation to BeInCrypto:

“Currently there’s no timeline for resuming withdrawals as ensuring absolute security is our top priority. We are reviewing every aspect of our on and offchain security, and working with top security teams like Seal911 to track the lost assets. Grateful to the active community of security teams including Hypernative who respond quickly to help us identify the onchain wallets,” a WOO X representative claimed.

To be clear, we shouldn’t downplay the severity of this breach. Even if it was comparatively small, a hack involving user funds still evaded WOO X’s security protocols.

On a positive note, the exchange has been proactive in fixing the problem and informing its users, unlike some victims of other recent attacks.