WOO X Probes $14M Security Breach Following Phishing Attack, Withdrawals Temporarily Suspended
In Brief
WOO X is investigating a $14M security breach linked to a phishing attack and unauthorized withdrawals, while trading remains active.
Cryptocurrency trading platform WOO X reported that it is conducting an investigation into a contained security incident that took place earlier today. Trading operations and user funds remain unaffected, though withdrawals have been temporarily suspended as part of the ongoing inquiry.
The incident involved unauthorized withdrawal activity impacting nine user accounts. The platform identified and responded to the issue promptly, pausing withdrawals as a precaution and successfully blocking many of the unauthorized transactions. Affected users have been contacted, and the platform has stated that all such transactions will be fully reimbursed.
The current confirmed loss totals $14 million, limited to the impacted accounts. These losses will be covered in full, according to the platform. External cybersecurity firms and other exchanges have been engaged to help track and mitigate any further movement of funds.
The origin of the exploit has been traced to a compromised device belonging to a team member, resulting from a targeted phishing attack. This breach allowed the attacker to access the development environment. While multiple security protocols helped restrict the intruder’s access, they were still able to initiate a sequence of withdrawals.
The first unauthorized withdrawal was requested at 13:50 UTC+8, with additional requests made over the following two hours. The activity was detected and stopped by 15:40 UTC+8. A comprehensive forensic investigation is currently underway, with the resumption of withdrawals for all users being treated as a priority. Further updates will be provided once this process is completed.
According to data from CoinGecko, trading volumes on the WOO X platform have increased by 264.8% over the past 24 hours.
Cyvers Detects Suspicious Multi-Chain Transactions Involving WOO X
Yesterday evening, cybersecurity firm Cyvers reported the detection of a series of suspicious transactions involving the WOO X platform, with estimated losses exceeding $12 million. These activities were identified across the Bitcoin, Ethereum, BNB, and Arbitrum networks. On the Ethereum network, a flagged address reportedly received $1 million in USDT and additional ETH from WOO’s hot wallet. The USDT was fully converted to ETH, followed by the transfer of approximately $7.3 million in assets to a separate address. On the BNB Chain, five BTCB tokens originating from WOO were exchanged for BNB and subsequently moved to a newly created wallet.
WOO X is a centralized cryptocurrency exchange registered in Seychelles, established in 2019. In 2024, the company secured $9 million in funding, with participation from entities such as Wintermute and Selini Capital. In a previous incident in 2023, the platform temporarily suspended trading following a $25 million security breach at Kronos Research, its primary market maker and incubator, prompting the exchange to overhaul its trading infrastructure.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
