WOO X Suspends Withdrawals After $13M Crypto Outflow
WOO X Investigates Security Incident
Crypto trading platform WOO X announced on Thursday a temporary suspension of withdrawals after detecting unauthorized transactions affecting nine user accounts. The platform is actively investigating the security breach to ensure user safety.
Key Takeaways:
- Withdrawals on WOO X are temporarily paused while the team investigates a security incident.
- All unauthorized withdrawals will be fully reimbursed to affected users.
- Trading activities remain unaffected, ensuring continuous platform functionality.
"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 stated that it quickly identified and blocked several unauthorized transactions to mitigate further losses.
WOO X has already contacted all affected users, assuring them that all unauthorized withdrawals will be fully covered. While trading activities and user funds remain secure, withdrawals will remain disabled until an internal review is completed.
"We’re working to resolve the issue as quickly as possible and will provide an update once withdrawals are re-enabled," WOO X stated. "We sincerely apologize for the inconvenience and appreciate your patience and understanding."
Initial Alert and Funds Affected
Cyvers Alerts first detected 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).
As a blockchain security and development platform, Codeum offers smart contract audits and KYC verification, which are crucial for exchanges like WOO X to prevent such security breaches. Additionally, Codeum provides custom smart contract and DApp development to enhance platform security and user trust.