On July 14, WOO X admitted that the cryptocurrency exchange had suffered a cyberattack, in which the attacker had siphoned approximately $14 million from the platform.
(Source: WOO X on X)
According to the official statement, the cyberattack has affected 9 user accounts on Woo X, where unauthorized withdrawals were made.
However, WOO X has assured its customers that “all unauthorized withdrawals will be fully covered.” In order to avoid further exploitation, the platform has paused withdrawals temporarily until the completion of internal review.
“We’re working to resolve the issue as quickly as possible and will provide an update once withdrawals are re-enabled. We sincerely apologize for the inconvenience and appreciate your patience and understanding,” WOO X stated in an official statement.
Woo X Latest Victim in Crypto Hacks after CoinDCX Breach
This is the second time in seven days that a million-dollar hack has occurred. On July 19, Indian cryptocurrency exchange CoinDCX was hit by a cyberattack, resulting in the theft of $44 million from an internal operational wallet dedicated to liquidity provisioning. However, the exchange confirmed that customer funds were secure, covering the shortfall from its reserves.
These continuous cyber attacks on crypto exchanges are raising serious concerns about the platform’s security measures and the safety of user funds.
While the cryptocurrency market is expanding rapidly amid positive developments in regulations and boosted market confidence, a series of bizarre attacks on crypto exchanges might scare users away from the crypto space.
The scale of attack on the cryptocurrency has been a major issue for a long time. In the past, major cryptocurrency exchanges have suffered massive losses following technically advanced cyber attacks.
Earlier this year, Bybit suffered a massive $1.4 billion Ethereum theft, which is the largest single crypto heist in history. On February 21, hackers exploited a private key leak in the Dubai-based exchange’s hot wallet system, draining 400,000 ETH in minutes.
Similarly, WazirX, India’s one of the largest crypto exchanges, suffered a massive cyberattack that resulted in the theft of approximately $239.9 million in cryptocurrency, affecting over 4.4 million users. The attack targeted a multi-signature (multisig) Ethereum wallet.
Binance CMO Rachel Conlan earlier stated that “the evolving nature of cyber threats in the crypto industry reinforces the need for exchanges and custodians to continuously strengthen their security framework. As threats continue to grow in sophistication, so must our defenses.”
In the first half of 2025, this figure has already been crossed as losses from DeFi hacks, scams, and exploits reached $2.47 billion, surpassing the entirety of 2024, with $470 million directly siphoned from DeFi protocols.
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