Hackers Breach WOO X Exchange, Stealing $14 Million Amid Rising Trading Volume

On July 24, the cryptocurrency exchange WOO X halted withdrawals following a hack that led to the theft of $14 million. The incident affected nine user accounts.

«We have already reached out to the impacted users and assure full compensation for all unauthorized withdrawals,» representatives of the platform stated.

An internal investigation revealed that one of WOO X’s employees fell victim to a phishing attack. Cybercriminals gained access to his computer and the exchange’s systems. While some security measures were effective, the hackers managed to coordinate a series of withdrawals from user accounts.

According to Cyvers Alerts, the attackers first transferred $1 million in USDT from WOO’s hot wallet to an address on the Ethereum network. Afterwards, all funds were swapped for ETH. Later, they sent an additional $7.3 million to another address. Meanwhile, in the BNB blockchain, the hackers withdrew 5 BTCB from the exchange, exchanged them for BNB, and moved the assets to a new wallet.

WOO X is collaborating with external security experts and other exchanges to track and freeze the stolen funds.

Following the incident, trading volume on the exchange surged by 145%, reaching $25.8 million.

It’s worth noting that on July 16, an unidentified group hacked the BigONE exchange 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 incurred by Web3 projects due to hacks and fraud amounted to $3.1 billion in the first six months of 2025. This figure has already surpassed the total for the entire year of 2024, which was $2.85 billion.