- Woo X confirmed a ~$14 million hack affecting 9 users, and the exchange said all unauthorized withdrawals will be fully reimbursed.
- Withdrawals were temporarily paused as a precaution while Woo X completes an internal investigation into the unauthorized access.
- Woo X tweeted that the issue was quickly detected, most malicious withdrawals were blocked, and users were immediately contacted.
Woo Exchange has confirmed a targeted security incident resulting in unauthorized withdrawals totaling approximately $14 million. The platform says all affected users will be fully compensated.
Woo Exchange Confirms $14M Hack, Affects 9 Users
Woo Exchange publicly addressed a breach that occurred earlier today, confirming unauthorized withdrawals from nine user accounts. The estimated loss stands at $14 million. In a tweet from the official @_WOO_X handle, the platform stated:
“We are currently investigating a contained incident that occurred on WOO X today. The incident affected 9 user accounts, where unauthorized withdrawals were placed. We’ve already contacted the affected users, and all unauthorized withdrawals will be fully covered.”
To prevent further risks, Woo Exchange temporarily paused all withdrawals as a precautionary measure. The exchange assured its users that core trading functions and account balances remain unaffected.
Platform Reacts Swiftly, Assures Full Coverage
Woo Exchange emphasized that the breach was quickly detected, allowing the team to block several unauthorized transactions. The platform confirmed that it has already reached out to the affected users and committed to covering all losses in full.
“The incident was quickly detected, and as a precaution, withdrawals were paused, and many of the withdrawals were blocked,” the platform added in its follow-up tweet.
The withdrawals are still in suspension and under internal investigation. Woo Exchange bemoaned the inconvenience and assured its users it does appreciate their patience as it strives to gain full functionality.
CoinDCX Breach Draws Parallels to Woo X Case
This incident comes shortly after a similar event involving Indian crypto exchange CoinDCX, where operational wallets were compromised. That attack led to losses worth around $44.2 million, though no customer assets were touched.
CoinDCX confirmed it had launched internal probes, faced denial-of-service interruptions, and issued an $11 million recovery bounty in an effort to track the misappropriated funds.
The back-to-back announcements from both platforms have raised concern in the crypto community, even as both exchanges moved quickly to protect user interests and ensure damage control.
