WOO X Hit by $14M Hack, Withdrawals Temporarily Suspended
On July 24, the cryptocurrency exchange WOO X suffered a major security breach, prompting the platform to suspend all withdrawals. Hackers exploited a phishing attack, targeting an internal employee, and managed to siphon off $14 million, affecting nine user accounts.
Despite the alarming nature of the incident, WOO X quickly addressed the situation, stating that they had already contacted the impacted users and guaranteed full reimbursement for all unauthorized transactions.
Phishing Attack Led to Full System Breach
According to the preliminary findings of an internal investigation, the hackers lured a WOO X employee into a phishing trap, gaining access to the employee’s computer and, ultimately, the exchange’s internal systems.
While some of WOO X’s security protocols were triggered, the attackers managed to coordinate several large withdrawals before additional safeguards could halt the operation.
How the Hack Unfolded Across Blockchains
Data from Cyvers Alerts shows that the hackers first moved $1 million in USDT from WOO X’s hot wallet to an Ethereum address, converting it into ETH. A second transaction followed, transferring $7.3 million to another wallet.
In a parallel move, attackers accessed the BNB blockchain, withdrawing 5 BTCB (Bitcoin BEP2 tokens), which were exchanged for BNB tokens and moved to a new wallet address — making it harder to trace and recover the funds.
WOO X Collaborates With Security Experts to Recover Funds
WOO X has since partnered with external cybersecurity firms and other crypto exchanges to track and freeze the stolen assets. While not all details have been made public, the exchange emphasized its commitment to transparent communication and customer protection.
Interestingly, following the attack, WOO X experienced a 145% spike in trading volume, climbing to $25.8 million. This may indicate increased market activity or a temporary surge in user withdrawals post-hack.
Crypto Industry Faces Surge in Security Breaches in 2025
The WOO X breach follows a wave of recent hacks in the crypto space. Just days earlier, BigONE exchange lost $27 million, while CoinDCX reported a $44 million breach.
A recent Hacken report reveals that Web3 projects have lost $3.1 billion to hacks and scams in just the first half of 2025 — already surpassing the $2.85 billion total for all of 2024.
Conclusion: Security Remains a Weak Link in Crypto Ecosystems
The WOO X hack underscores a sobering truth: phishing and social engineering remain among the most effective weapons in a hacker’s arsenal. Even top-tier exchanges are vulnerable when human error intersects with weak internal protections.
As blockchain adoption grows, platforms must not only fortify technical defenses but also educate staff against evolving cyber threats. Only a mix of robust infrastructure and vigilant human oversight can safeguard the future of decentralized finance.
