According to blockchain security firm Cyvers, crypto exchange WOO X suspended transactions after a hack stole $14 million of user funds. It’s unclear how this breach took place, but damage is apparently isolated to user accounts instead of company-affiliated wallets.
So far, the exchange has been proactive in informing its users, quickly admitting that the theft was larger than initial reports suggested. WOO X also provided BeInCrypto with an exclusive statement on the situation.
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:
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.
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