Hackers steal $14M from crypto platform WOO X

Hackers keep successfully targeting crypto platforms, with another one losing millions this July and promising to cover all losses.

Crypto trading platform WOO X confirmed that nine clients had unauthorized withdrawals placed, resulting in a loss of around $14 million worth of crypto assets on Thursday.

"The incident was quickly detected and, as a precaution, withdrawals were paused and many of the withdrawals were blocked. We've already contacted the affected users, and all unauthorized withdrawals will be covered," the team said, adding that they're working with external security teams and other exchanges to halt the flow of funds. The team didn't provide an estimate of when withdrawals might be reopened.

According to the platform, a team member's device was compromised in a phishing attack, allowing the exploiter to gain access to the development environment.

"Many security measures limited the access but gave the exploiter time to coordinate a series of withdrawals from the user accounts mentioned in the previous message," they said.

Blockchain analysts from Cyvers found that the hacker stole cryptoassets across the bitcoin (BTC), ethereum (ETH), BNB, tron (TRX), and arbitrum (ARB) networks before swapping them and moving to new addresses.

"The history repeats again and again," Charles Guillemet, Chief Technology Officer at major crypto hardware wallet manufacturer Ledger, reacted, suggesting that it's safer to self-custody your own assets. However, while reducing third-party risks, self-custody has its own dangers.

Meanwhile, earlier in July, WOO X said that projected revenue for its financial year of 2025 is estimated to grow 43%, to $42 million, as it is building "not just a platform – but an intelligent execution layer, built to amplify your edge." Following the hack, WOO, the native token of the platform, is down almost 6% in a day.