On July 24, the cryptocurrency exchange WOO X suspended withdrawals following a breach in which attackers stole $14 million. The incident affected nine user accounts.
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
— WOO X (@_WOO_X) July 24, 2025
“We have already contacted the affected users and guarantee full reimbursement of all unauthorized withdrawals,” representatives of the platform stated.
An internal investigation revealed that a WOO X employee fell victim to phishing. Cybercriminals gained access to his computer and the exchange’s system. Part of the security measures worked, but the hackers “managed to coordinate a series of withdrawals from user accounts.”
According to Cyvers Alerts, the attackers initially transferred $1 million in USDT from WOO’s hot wallet to an address on the Ethereum network. All funds were then exchanged for ETH. Later, another $7.3 million was sent to a different address. Meanwhile, on the BNB blockchain, 5 BTCB were withdrawn from the exchange, exchanged for BNB, and moved to a new wallet.
🚨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
WOO X is collaborating with external security experts and other exchanges to trace and freeze the stolen funds.
Following the incident, trading volume on the exchange surged by 145% to $25.8 million.
Earlier, on July 16, unknown attackers breached the BigONE trading platform for $27 million. Two days later, the Bitcoin exchange CoinDCX was attacked, resulting in a loss of $44 million.
According to a report by Hacken, losses from hacks and fraud in Web3 projects amounted to $3.1 billion in the first six months of 2025. This figure has already surpassed the total for 2024, which was $2.85 billion.