🚨 WOO X Freezes Withdrawals After $14M Exploit—Here’s What Went Down

Another day, another crypto platform scrambling to plug the leaks. WOO X just hit pause on withdrawals after attackers siphoned $14 million—proving once again that 'trustless' systems still require blind trust in someone's code.

The breach: Fast, furious, and financially painful

No flowery details needed: hackers bypassed defenses, grabbed funds, and left the exchange nursing eight-figure losses. The platform's now in damage-control mode—freezing withdrawals while they play digital forensics.

Deja vu for crypto veterans

Centralized or decentralized, the script stays the same: exploit surfaces, funds vanish, Twitter erupts. This time it's WOO X; last month it was three other protocols. Rinse, repeat, and watch the 'not your keys' crowd smirk.

The cynical take

Another $14M 'educational expense' for the crypto industry—just add it to the $3 billion+ exploit hall of fame. At this rate, blockchain security might become 2025's most ironic growth sector.

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.