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Trading platform WOO X temporarily suspends withdrawals after $13 million suspicious crypto outflow

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WOO X promises full compensation and reassures users that trading and funds remain secure.

WOO X temporarily suspends withdrawals after $13 million suspicious crypto outflow

Key Takeaways

  • Withdrawals on WOO X have been temporarily paused as the team investigates a security incident.
  • All unauthorized withdrawals will be fully reimbursed, and trading activities are unaffected.

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Crypto trading platform WOO X announced Thursday it has temporarily paused withdrawals after detecting unauthorized transactions affecting nine user accounts on its platform.

“We are currently investigating a contained incident that occurred on WOO X today,” the exchange announced. “The incident affected 9 user accounts, where unauthorized withdrawals were placed.”

The exchange said it quickly identified the issue and blocked several unauthorized transactions.

WOO X has contacted all affected users and confirmed that all unauthorized withdrawals will be fully covered. Trading activities and user funds remain unaffected, but withdrawals will stay disabled pending the completion of an internal review.

“We’re working to resolve the issue as quickly as possible and will provide an update once withdrawals are re-enabled,” WOO X said. “We sincerely apologize for the inconvenience and appreciate your patience and understanding.”

Cyvers Alerts first flagged an estimated loss of over $13 million linked to WOO X’s hot wallets across several blockchains, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Arbitrum (ARB), and Tron (TRX).

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