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Radhika Parashar
- WOO X said it will reimburse the users who lost funds in this breach
- The exchange has not specified by when would withdrawals be halted on its platform
- The identity of the hacker(s) yet to be detected
WOO X, on Thursday, July 24, admitted to having suffered a hack attack on that impacted the wallets of nine of its users. The Taiwanese crypto exchange posted information on the hack on X, saying that an investigation into the incident has already been launched.
The Teipei-headquartered exchange confirmed the loss of $14 million in its official statement. It added that for now, the withdrawals have been suspended on its platform.
“The incident has affected nine user account who had unauthorized withdrawals placed. We’ve already contacted the affected users, and all unauthorized withdrawals will be fully covered,” the exchange, founded in 2019, said in its statement.
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The platform added that it is working with external security teams to restrict the flow of funds as it shared the exploiter’s wallet addresses. For now, it has not specified by when it would restart withdrawals.
Blockchain tracker platform Cyvers jumped into the conversation claiming that it is keeping track of the stolen assets. Before WOO X confirmed that $14 million were drained from its user wallets, Cyvers estimated that $12 million were swiped in this attack.
Cyvers, along with another on-chain analytics firm BitOk have flagged that the stolen assets have moved across multiple blockchains including Bitcoin, Ethereum, and Binance chain.
The identities of the hackers remain unknown for now.
This incident comes just weeks after Indian crypto exchange CoinDCX was breached for $44 million. The exploit targeted one of the exchange’s internal operational accounts used for liquidity provision, co-founder and CEO Sumit Gupta had confirmed.
According to data by Chainalysis, over $2.17 billion have already been displaced through crypto hacks so far this year.
“By the end of June 2025, 17 percent more value had been stolen year-to-date (YTD) than in 2022, previously the worst year on record. If current trends continue, stolen funds from services could eclipse $4 billion by year’s end,” the blockchain intelligence firm has warned.
