Crypto trading platform Woo X paused withdrawals on Thursday after a security breach led to unauthorized access and $14 million in losses across multiple user accounts.
According to a post from the company on X, nine accounts were affected by the exploit. The platform said the issue was quickly identified and partially contained, with some unauthorized withdrawals blocked before completion. The company added that all impacted users have been contacted and will be fully reimbursed.
“The incident was quickly detected, and as a precaution, withdrawals were paused,” the statement read. “Many of the withdrawals were blocked. We’ve already contacted the affected users, and all unauthorized withdrawals will be covered.”
The incident adds to a growing list of crypto-related breaches in July alone, highlighting ongoing concerns around platform security and user protection. According to blockchain security firm Hacken, more than $3.1 billion has been lost in the crypto sector so far this year, already surpassing the $2.85 billion total for all of 2024. The losses stem from a mix of smart contract bugs, access-control failures, rug pulls, and scams, with one outlier — the $1.5 billion Bybit hack in February.
In the past two weeks alone BigONE, a centralized exchange, reported a $27 million loss on July 16 following a hot wallet breach. And CoinDCX, one of India’s largest exchanges, was hacked with $44 million siphoned from an internal liquidity account. No user funds were affected, and the exchange has since launched a white hat bounty program offering up to 25% of any recovered assets.
Additionally, DeFi protocol Arcadia Finance was exploited on June 15, losing $3.5 million due to a vulnerability in its Rebalancer smart contract.
Access-control issues accounted for the bulk of losses, making up 59% of the total, while smart contract flaws were responsible for around $263 million, or 8%, according to Hacken’s 2025 Half Year Web3 Security Report.
Read more on The Industry Spread
