Cryptocurrency exchange WOO X suspended all withdrawal operations Thursday after hackers stole $14 million from user accounts, according to blockchain security firm Cyvers. The breach affected nine specific user accounts rather than company-controlled wallets, the exchange confirmed in a statement.
What to Know:
- WOO X suspended withdrawals after $14 million was stolen from nine user accounts, not company wallets
- The hack involved suspicious transactions across Bitcoin, Ethereum, BNB, and Arbitrum networks
- The exchange is working with security teams including Seal911 to track stolen assets and has no timeline for resuming withdrawals
Exchange Confirms Breach Details
The centralized exchange initially estimated losses at $12 million when Cyvers first detected suspicious transactions across multiple blockchain networks. However, WOO X later revised the figure upward to $14 million after completing its preliminary assessment.
Cyvers reported detecting "multiple suspicious transactions" involving Bitcoin, Ethereum, BNB, and Arbitrum networks. One suspicious Ethereum address received $1 million in USDT from WOO's hot wallet along with additional Ethereum tokens, the security firm noted in a Twitter alert posted Thursday.
WOO X moved quickly to acknowledge the breach publicly. The exchange suspended withdrawals immediately and confirmed that hackers had targeted user-controlled accounts rather than internal company funds.
Recent Wave of Exchange Attacks
The WOO X incident represents the latest in a series of cryptocurrency exchange breaches this year. Last week, CoinDCX suffered a $44 million theft when hackers compromised its internal wallet systems.
BigONE lost $27 million in a separate attack, while decentralized exchange GMX fell victim to a $42 million hack.
These incidents follow what security experts describe as an increased targeting of cryptocurrency platforms throughout 2025.
The frequency of such attacks has raised concerns about exchange security protocols. Industry watchers note that centralized exchanges remain attractive targets due to the large amounts of digital assets they hold in hot wallets for operational purposes.
Investigation and Recovery Efforts
WOO X provided an exclusive statement detailing its response efforts. The exchange said it has engaged multiple security firms to investigate the breach and track the stolen funds.
"Currently there's no timeline for resuming withdrawals as ensuring absolute security is our top priority," a WOO X representative said. "We are reviewing every aspect of our on and offchain security, and working with top security teams like Seal911 to track the lost assets."
The exchange also acknowledged assistance from security teams including Hypernative, which helped identify the compromised on-chain wallets. WOO X said it plans to provide additional updates as its investigation progresses.
Security experts emphasize that even smaller breaches like this one highlight vulnerabilities in exchange operations. The incident demonstrates how attackers can bypass security measures to access user funds, even when company-controlled assets remain secure.
Closing Thoughts
WOO X faces the challenge of restoring user confidence while conducting a thorough security review following the $14 million theft. The exchange's immediate response and transparency about the breach's scope may help maintain trust, though the timeline for resuming normal operations remains uncertain.