WOO X Suffers $14M Hack After Targeted Phishing Attack on Team Member

Highlights:

• WOO X suffered a $14 million hack after a phishing attack gave limited access to its development environment.
• The exchange paused withdrawals and promised full refunds to users affected by the security breach.
• WOO X is working with security teams to stop further asset movements from the breach.

Crypto exchange WOO X experienced a security breach on July 24 that resulted in the loss of $14 million. The situation started with a phishing incident that exploited the device of one of the team members. This allowed access to some of the development environment of the exchange to the attacker. The attacker used access to make unauthorized withdrawals from nine user accounts.

🚨UPDATE: CRYPTO EXCHANGE WOO X SUFFERS $14M HACK IN TARGETED PHISHING ATTACK

— BSCN Headlines (@BSCNheadlines) July 25, 2025

The initial withdrawal occurred at 13:50 UTC+8, after which a few more occurred within two hours. WOO X noticed the activity by 15:40 UTC+8 and rushed to halt the transactions. The team halted all withdrawals on the platform and began to block additional withdrawals. Despite the team intercepting some of the transactions in advance, others went through before it was contained.

WOO X clarified that the hack had compromised only nine high-value accounts. The platform stated that its main infrastructure remained secure. The exchange took immediate action to investigate the issue and prevent any further damage. Withdrawals will remain suspended until a full forensic review is complete.

Suspicious Crypto Movements Trigger Response From Security Trackers

Cyvers Alerts detected over $12 million worth of suspicious movements relating to WOO X shortly after the breach. The transactions involved USDT, ETH, BTCB, and BNB. A WOO X hot wallet sent a total of $1 million in USDT to one wallet, which was then exchanged into Ethereum. The hacker transferred $7.3 million of the funds out of that wallet to another one.

🚨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

The attacker received 5 BTCB from WOO X on the BNB Chain. They converted the BTCB to BNB and sent the money to a different address. WOO X responded by publishing six wallet addresses tied to the attacker. The exchange said it is tracking the stolen funds across multiple chains.

In addition, WOO X is working with external security teams and other exchanges to prevent the funds from moving further. The platform assured users that it had contacted all affected account holders. It also reiterated its commitment to covering all losses. The company continues to review its systems to determine how the breach occurred. WOO X stated that it would announce when it will restore withdrawals after it is done with its internal investigation. The exchange emphasized the limited scope of the incident and confirmed that many unauthorized transactions had been blocked before completion.

WOO X Suffers $14M Hack Amid Rising Wave of Exchange Exploits

The WOO X breach is the latest in a series of exchange attacks this month. CoinDCX lost $44.2 million through a bridge connecting Solana and Ethereum earlier this month. CoinDCX introduced a White Hat bounty, an incentive to recover the stolen funds.

In addition, BigONE, a crypto trading platform, lost over $27 million in a separate attack targeting its hot wallet. The platform confirmed that a third party carried out the breach. In June, Arcadia Finance suffered a $3.5 million loss due to an exploited smart contract. WOO X stressed that its core infrastructure remains secure. The exchange plans to share further updates once withdrawals resume and the full investigation is complete.