Jul 2025 - WOO X Targeted Development Environment Phishing Attack Theft - $14m (Global)
WOO X is a trading platform offering users early access to markets with a compelling incentive — a $30 sign-up bonus to get started. The platform promotes high earning potential, advertising an impressive 104%* APR, designed to help users multiply their returns. Registration is streamlined, with the option to sign up using Google or Apple accounts for convenience.
WOO X supports a wide range of trading options, boasting 170 spot markets and 308 futures markets, ensuring traders have access to diverse opportunities. The platform is known for partnering with top-tier institutions, aiming to connect traders, exchanges, and DeFi platforms with high-quality liquidity and low-cost trading execution.
Additional services include affiliate and broker programs, listing applications, and support for designated market makers. WOO X also maintains transparency through its dashboard and provides resources like API documentation, a support center, and a bug bounty program to enhance user experience and security. The platform emphasizes a professional, connected, and community-driven approach to modern crypto trading.
Unfortunately, one of the WOO X developers appears to have been susceptible to a phishing attack.
The exploit originated from a team member’s device being compromised in a targeted phishing attack. This allowed the attacker to access the development environment. Although existing security measures limited the breach, the attacker was able to coordinate withdrawals over a 1 hour and 50-minute window—from 13:50 to 15:40 UTC+8—before the exploit was detected and stopped.
It’s later confirmed that 9 user accounts were targeted, resulting in unauthorized withdrawals. The issue was detected quickly, with many of the withdrawal attempts blocked in time. Affected users have been contacted, and WOO X commits to fully covering all unauthorized losses.
The investigation reveals losses totaling $14 million, and the following addresses are linked to the exploiter:
EVM:
0x889b49ef0bf787c3ddc2950bfc7d1d439320004b
0x77167f0bc412eb39d004f354869938e7c5acd518
BTC:
bc1q4xm6y972qa82f4cudr4d28xdhxa4e68v5atrej
bc1qut0g2uflywfcycuftuek7944p6hhxgm2p92fzm
bc1qvd58w5kperw3hzu7j5gkca8rxkzwd7vjxtu2gh
bc1qtzlpu326jcqnx8tnhrkqcfxjhn9e02zfutzsch
Losses were officially reported at $14m.
The original immediate reaction of the WOO X team was to quickly detect the incident, pause all withdrawals as a precaution, and begin an investigation to assess the scope of the breach. They reassured users that trading and funds were unaffected, and committed to providing updates via their official Twitter/X account.
The WOO X security incident has been largely contained, with the platform acting swiftly to detect and halt the exploit. A total of 9 user accounts were affected, resulting in unauthorized withdrawals amounting to $14 million. In response, WOO X temporarily paused all withdrawals as a precaution while launching an internal investigation. Many of the attempted withdrawals were blocked in time, and all affected users have been contacted and assured that their losses will be fully reimbursed. Withdrawals for the broader user base have since resumed, and nearly all pending transactions have been processed, with normal platform operations restored.
The platform’s handling of the situation thus far reflects a commitment to user protection, transparency, and improving long-term security infrastructure.
The attacker was offered a 10% bounty. There is no indication yet that it has been taken.
WOO X is now focused on recovery and prevention. The team is cooperating with external cybersecurity firms and law enforcement agencies to trace the stolen funds and strengthen its systems. A forensic review is underway, and a full transparency report will be released in the coming days.
WOO X has initiated a full forensic investigation and prioritizes re-enabling withdrawals. Nearly all pending withdrawals are soon processed, and systems return to normal operations. Restoration of affected user balances is underway and expected within 24–48 hours.
WOO X confirms it’s working closely with security firms to strengthen infrastructure and pledges to release a full transparency report. The platform is also cooperating with law enforcement and has issued a 10% bounty to the attacker in exchange for the return of funds, with an offer to drop further actions if the funds are recovered.
WOO X should be publishing a full transparency report in the coming days.
Further Analysis
WOO X, a crypto trading platform known for its high-yield incentives and wide market access, experienced a security breach after a team member's device was compromised in a phishing attack. This allowed an attacker to access the development environment and execute unauthorized withdrawals from 9 user accounts over a nearly two-hour period, resulting in $14 million in losses. The platform quickly detected the breach, paused withdrawals, blocked many of the transactions, and began an investigation. All affected users are being fully reimbursed, and withdrawals have since resumed for all users. WOO X is now focused on recovery, strengthening security, cooperating with law enforcement, and has offered a 10% bounty to the attacker if the stolen funds are returned. A full transparency report is expected soon.
How Could This Have Been Prevented?
More Cryptocurrency Exchange Hacks/Scams/Frauds
imToken Third Party Selling Pre-Initialized Secure Cold Wallet > > < < Unverified BSC Contract Access Control Swap Vulnerability
Sources/Further Reading
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. 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." - Twitter/X (Dec 31)
Temporary withdrawal suspension - July 24, 2025 - WOO X (Dec 31)
DeBank | Your go-to portfolio tracker for Ethereum and EVM (Dec 31)
DeBank | Your go-to portfolio tracker for Ethereum and EVM (Dec 31)
Address: bc1q4xm6y972qa82f4cudr4d28xdhxa4e68v5atrej (Dec 31)
Address: bc1qut0g2uflywfcycuftuek7944p6hhxgm2p92fzm (Dec 31)
Address: bc1qvd58w5kperw3hzu7j5gkca8rxkzwd7vjxtu2gh (Dec 31)
Address: bc1qtzlpu326jcqnx8tnhrkqcfxjhn9e02zfutzsch (Dec 31)
WOO X Homepage (Dec 31)
 t.me/QuadrigaInitiative
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 /r/QuadrigaInitiative
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 @QuadrigaInit
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 info@quadrigainitiative.com
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