WOO X Suffers $14M Breach in Targeted Phishing Attack, Withdrawals Temporarily Paused

On July 24 at 3:00 PM UTC, cryptocurrency exchange WOO X reported a “contained incident” via an official statement on X. While trading operations remained unaffected and user funds were reportedly secure, the platform temporarily suspended withdrawals as a precaution.

The breach directly impacted nine user accounts, resulting in unauthorized withdrawals totaling $14 million. WOO X pledged to fully reimburse all affected users. “We’ve already contacted the affected users, and all unauthorized withdrawals will be covered,” the team stated.

WOO X Breach Linked to Compromised Staff Device, Withdrawals Under Review

In a follow-up update later that day, WOO X disclosed that the exploit stemmed from a phishing attack targeting a team member’s device. The attacker was able to access the exchange’s development environment. Although internal security measures restricted access, the intruder managed to initiate several unauthorized transactions.

According to the timeline shared by the team, the first suspicious withdrawal occurred at 5:50 AM UTC. The exploit was fully contained by 7:40 AM UTC.

WOO X emphasized its commitment to user security and transparency, stating, “The team is in the process of a complete forensic review and is prioritizing the re-opening of withdrawals for all users.” The exchange added that it is working closely with external security firms and other exchanges to trace and block the movement of stolen funds.

Cross-Chain Transfers Detected After WOO X Breach

Blockchain security firm Cyvers detected suspicious activity across Bitcoin, Ethereum, BNB Chain, and Arbitrum networks following the WOO X security breach.

On Ethereum, a flagged wallet received $1 million in USDT along with additional ETH from WOO’s hot wallet, as explained by the firm. The USDT was immediately swapped for ETH, and approximately $7.3 million in assets were later transferred to a new address. On BNB Chain, the attacker received 5 BTCB from WOO X, converted it into BNB, and moved the funds to a newly created wallet.

Additionally, security firm PeckShield reported that the breach involved approximately 2,053 ETH and 31 BTC.

As of now, it is still unclear whether any of the stolen funds have been frozen or recovered, either on-chain or through centralized exchanges.

Chainanalysis: Crypto Theft Tops $2.17B in H1 2025

The breach at WOO X reflects a broader rise in crypto-related attacks seen throughout 2025. Crypto theft hit $2.17 billion in the first half of 2025, already surpassing 2024’s full-year total, according to Chainalysis. Losses could exceed $4 billion by year-end if the trend continues.

The report notes a spike in wallet attacks across Eastern Europe and the Middle East, as well as a rise in physical crypto-related robberies. Individual wallet hacks now make up 23% of total stolen funds, driven by social engineering, malware, and deepfake scams.