Centralized Crypto Exchange Team WOO CHEAP said it was investigating a “local incident” that affected nine customer accounts. According to the platform, “unauthorized withdrawals” totaling about $24 million were made on July 14.
The incident was quickly identified and as a precautionary measure, withdrawals were suspended and many transactions were blocked. We have already contacted the affected users and all unauthorized transactions will be compensated, — stated in WOO CHEAP.
Representatives of the crypto exchange said they are working with third-party security services and other exchanges to stop the outflow of funds.
Indeed, cybersecurity company Cyvers has begun tracking the movement of funds across networks Arbitum, Bitcoin, BNB Chain, Ethereum и Tron. Experts have found that USDT worth about $1 million was exchanged for ETH, and then kriptovalyuta worth $7,3 million was later sent to a new address.
According to Cyvers analysts, another five wrapped BTC tokens on the BNB network were converted into BNB tokens and sent to a new address.
WOO CHEAP — is a Seychelles-registered centralized exchange founded in 2019. The company recently raised $9 million in a 2024 funding round with participation from Wintermute, Selini Capital, and others.
It is noteworthy that in 2023 WOO CHEAP temporarily suspended operations after its largest market maker and incubator, Kronos Research, suffered a $25 million hack.