Cyvers Alerts tweeted, "Multiple suspicious transactions involving WOO X have been detected, covering BTC, ETH, BNB, and ARB networks, with expected losses exceeding $12 million.

On the Ethereum network, a suspicious address received $1 million worth of USDT and additional ETH from WOO's hot wallet. The $1 million USDT was subsequently exchanged for ETH, and then approximately $7.3 million was transferred to a new address."

The WOO team has confirmed the incident and stated, "We are investigating a restricted incident that occurred earlier today on the WOO X platform." Currently, user funds and transactions are not affected, but during the investigation, withdrawals have been temporarily suspended on the platform.