According to the blockchain security company Cyvers, the cryptocurrency exchange WOO X has temporarily suspended trading after being hacked and losing 14 million USD from user funds. The details of the breach are currently unclear, but the damage seems to only affect user accounts rather than wallets linked to the company.
So far, the exchange has proactively notified users and quickly acknowledged that the theft was larger than initially reported. WOO X has also provided BeInCrypto with an exclusive statement about the situation.
Explanation of the WOO X Hack
Crypto crime is certainly high in 2025, with the largest exchange hack in history occurring a few months ago. This morning, online monitoring agencies reported a potential hack at WOO X, causing 14 million USD in damage.
This involves suspicious transactions on the BTC, ETH, BNB, and ARB networks:
WOO X, a centralized exchange, subsequently suspended withdrawals and quickly posted a statement confirming a hack.
The company stated that the breach was limited to nine specific accounts, seemingly owned by users and not linked to the company. Additionally, the company confirmed that 14 million USD was stolen, exceeding the initial estimate of 12 million USD.
Hackers have targeted cryptocurrency exchanges extensively in recent months. Last week, CoinDCX's internal wallet was breached, leading to a 44 million USD theft.
Previously, BigONE lost 27 million USD, and GMX became a victim of a 42 million USD hack. Going back to June 2024 revealed even more serious crimes.
Meanwhile, WOO X is still investigating the cause of this breach and plans to provide updates as soon as possible.
The company provided an exclusive statement to BeInCrypto:
"Currently, there is no specific time for resuming withdrawals as ensuring absolute security is our top priority. We are reviewing all aspects of on-chain and off-chain security and working with top security teams like Seal911 to track lost assets. Thank you to the active security community, including Hypernative, for quickly responding to help us identify on-chain wallets," a WOO X representative said.
Clearly, we should not underestimate the severity of this breach. Even if it is relatively small, a hack involving user funds still bypasses WOO X's security protocols.
A positive point is that the exchange has proactively addressed the issue and notified users, unlike some other recent attack victims.
