$14M Heist Hits WOO X: Withdrawals Frozen After Nine Accounts Drained
Another day, another crypto exchange flashing 'closed for maintenance' signs after getting raided. WOO X just joined the club—freezing withdrawals when attackers siphoned $14 million from nine user accounts.
Security theater strikes again
The breach follows the classic playbook: target weak spots, drain funds, vanish before the alarms sound. Meanwhile, users get to enjoy that special blend of panic and helplessness while C-suises promise 'full investigations.'
When custodians become casualties
Exchanges keep selling the dream of 'bank-grade security'—until reality bites. This time, nine account holders learned the hard way that their assets were only as safe as the weakest API key or phishing victim.
Bonus jab: At least traditional banks wait until business hours to tell you your money's gone.
The breach affected nine accounts belonging to users
According to the exchange, the breach affected nine accounts, all of which belonged to users rather than the company. Initial assessments had put the total at $12 million, but later analysis showed $14 million was stolen.
The WOO X exchange is continuing its internal inquiry into how the intruders gained access and says it will share more information as it becomes available.
The exchange mentioned that several withdrawals from the affected accounts were blocked, and the affected users have been contacted. It added that the exchange will cover all user funds lost in unauthorized withdrawals.
To contain further loss, the firm is collaborating with outside security specialists and other trading platforms to trace and stop the movement of stolen funds. CoinGecko data indicates that WOO X’s trading volume jumped by 264.8 percent in the 24 hours following the hack.
Blockchain tracker Cyvers has started following the stolen assets through several blockchains, including Bitcoin, Arbitrum, Ethereum, Tron, and BNB Chain.
🚨ALERT🚨Our 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
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) July 24, 2025
The firm detailed that roughly $1 million in USDT was immediately swapped for ETH, and another $7.3 million worth of tokens were moved to a fresh address. In a related move, five $BTCB coins were exchanged for BNB and transferred to a fresh wallet address.
A number of Web3 platforms got hacked recently
Chainalysis figures show that thefts and hacks on both centralized and decentralized platforms led to losses worth $2.2 billion at least during 2024, a rise of 21.07 percent compared with the previous year, driven in part by climbing cryptocurrency prices.
The past two weeks saw several major platforms hit. On 16th July, BigONE fell victim to a breach that cost it $27 million. A security update from the exchange confirmed it was due to an outside attack on its hot wallet.
𝟱 𝗺𝗶𝗻𝘂𝘁𝗲𝘀. $𝟰𝟰𝗠 𝗴𝗼𝗻𝗲.
On July 18, @CoinDCX operational wallet was breached, losing $44M.
The attacker prepped, ran a test transaction, and drained the funds in six rapid USDT withdrawals.
Our analysis suggests Lazarus Group may be behind the attack.
Traditional…
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) July 22, 2025
Later on 19th July, Indian exchange CoinDCX reported a $44 million loss after hackers targeted an account used for liquidity operations, according to CEO Gupta.
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