Cryptocurrency exchange WOO X was recently the target of a $14 million security breach on July 24, 2025. The breach was the result of a targeted phishing attack that compromised a team member’s device, allowing unauthorized access to nine user accounts and the platform’s development environment. The exploiter took advantage of this access to coordinate a series of unauthorized withdrawals from the affected user accounts between 13:50 UTC +8 and 15:40 UTC +8. Fortunately, the attack was discovered and halted before further damage could be done.
In response to the breach, WOO X took immediate action by temporarily suspending all withdrawals as a precautionary measure while conducting a thorough forensic review of the incident. The exchange has pledged to fully cover all unauthorized withdrawals from the affected accounts and has already reached out to the nine impacted users. While user funds and trading activities were not affected during the breach, the platform made reopening withdrawals for all users a top priority after completing the security investigation.
Unfortunately, the security breach at WOO X is just one of many incidents that have plagued the crypto industry in 2025. According to a report by Hacken, Web3 projects have lost a staggering $3.1 billion to exploits and scams in the first half of the year, surpassing the total losses recorded in 2024. Phishing and social engineering attacks alone accounted for $600 million of the total damage.
The report also highlights the increasing prevalence of phishing attacks, with CertiK reporting that crypto investors lost over $2.2 billion to hacks, scams, and security breaches in the first half of 2025 across 344 incidents. Smart contract vulnerabilities have also been a major issue, costing $229 million in May 2025 alone.
In addition to security breaches, physical attacks against cryptocurrency holders have also been on the rise in 2025. At least 32 “wrench attacks” targeting crypto owners have been reported globally, with a significant number of incidents occurring in France. Ledger co-founder David Balland was kidnapped and mutilated in a shocking incident in January, and other cases have involved attacks on family members of crypto holders.
As the crypto industry grapples with escalating security threats and physical violence, the need for increased security measures and protection services has become more urgent than ever. The incidents at WOO X and the rise of physical attacks against crypto holders serve as stark reminders of the risks and challenges facing the industry in the digital age.