- WOO X freezes user withdrawals due to a $13-14 million security breach.
- Nine user accounts were affected in this targeted attack.
- WOO X will fully reimburse unauthorized withdrawals to affected users.
WOO X, a Taiwan-based crypto exchange, has temporarily halted withdrawals after a security breach led to losses of approximately $13–14 million from nine user accounts on July 24, 2025.
The incident highlights ongoing cybersecurity challenges in the cryptocurrency industry, as WOO X pledges full reimbursement amid a 6% drop in WOO token value and trading volume surge.
The Taiwan-based crypto exchange WOO X encountered a security breach that led to the freezing of user withdrawals. This breach resulted in the loss of approximately $13 to $14 million from nine user accounts, causing significant concern among users.
The exploit was traced to a compromised team member device, which allowed access to development environments. WOO X announced measures to investigate the incident and pledged full reimbursement to affected users, ensuring their assets were not permanently lost.
WOO X Official Account, Exchange Operator, WOO X – “The exploit stemmed from a team member device being compromised in a targeted phishing attack, allowing the exploiter to gain access to the development environment…” source.
In response, trading activities on WOO X surged by 265%, despite the token price falling by approximately 6%. The breach did not impact the company’s funds or operational reserves, affecting only certain user wallets across multiple blockchains.
Assets involved in the breach included BTC, ETH, BNB, ARB, and TRX. Market observers noted the peculiar focus of the attack on memecoins like MEL and FRTC, with associated trading activities experiencing fluctuations post-incident.
The event has raised questions about exchange security protocols and the ability of markets to absorb unexpected shocks. Historical precedents like the $26M exploit in 2023 underline the need for robust security measures.
The ongoing investigation may prompt technological and regulatory revisions to enhance security. Industry stakeholders await further updates from WOO X leadership and the potential implications for crypto regulation in Taiwan and beyond.
