The hack only affected a limited number of user wallets, but withdrawals have been temporarily paused for additional safety, the team said.
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Crypto trading platform Woo X paused withdrawal services after a cybersecurity breach affected several accounts, leading to $14 million in losses.
Nine user accounts experienced “unauthorized withdrawals” on Thursday, the Woo X team said in an X. 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.”
Cointelegraph reached out to Woo X but was unable to obtain a response from the trading platform by the time of publication.
Crypto hacks continue to be a and causing billions of dollars in financial losses, which is repellent to prospective crypto users and hinders the widespread adoption of the asset class.
Related:
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,. The attacker exploited Arcadia’s Rebalancer smart contract to drain the funds.
Crypto exchange 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 in a security update following the incident.
Indian crypto exchange 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, .
No user funds were affected in the hack, and the exchange has launched a 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.
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