Crypto trading platform Woo X paused withdrawal services after a cybersecurity breach affected several accounts, leading to $14 million in losses.
The hack only affected a limited number of user wallets, but withdrawals have been temporarily paused for additional safety, the team said.
Nine user accounts experienced “unauthorized withdrawals” on Thursday, the Woo X team said in an X post. The team added that the incident has since been contained:
“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.”
Crypto hacks continue to be a significant problem affecting crypto users and causing billions of dollars in financial losses, which is repellent to prospective crypto users and hinders the widespread adoption of the asset class.
Several Crypto Platforms Have Been Hacked In The Last Two Weeks
At least three crypto exchange platforms suffered hacks or cybersecurity exploits in the last two weeks of July, as losses from crypto hacks cross $3.1 billion so far this year.
Arcadia Finance, a decentralized finance (DeFi) platform, was attacked on June 15, causing $3.5 million in user losses. The attacker exploited Arcadia’s Rebalancer smart contract to drain the funds.
Crypto exchange BigONE was hacked on July 16, losing $27 million through a hot-wallet breach. “Upon investigation, it was confirmed to be the result of a third-party attack targeting our hot wallet,” the team said in a security update following the incident.
Indian crypto exchange CoinDCX fell prey to a hack days later on July 19, causing the platform to lose $44 million from an internal account used for ”liquidity provisions,” the exchange’s CEO, Sumit Gupta, said.
No user funds were affected in the hack, and the exchange has launched a White Hat bounty program on Monday to recover the stolen funds.
The program offers up to 25% of the total amount of crypto recovered by ethical hackers and onchain cybersecurity firms.
