On-chain Batman ZachXBT continuously questioned WOO X about withdrawal issues.

Written by: Ma He, Foresight News

On September 6, on-chain detective ZachXBT issued a community alert: Over the past three days, several verified WOO X users reported that their withdrawals had long been pending, in processing, or submitted, with some cases lasting up to three days.

That evening at 11 PM, WOO X's official statement indicated that they had noted the feedback regarding withdrawal processing times and were reviewing relevant cases and system status; some requests might still be under review or in the on-chain processing phase, and the team was working to address them as soon as possible. Affected users were asked to submit their UID, withdrawal order number, application time, asset and network, and status screenshots through official customer service; they were also reminded not to trust unsolicited private messages and not to disclose passwords, seed phrases, private keys, or verification codes, and to refer to official channels for information.

The statement included a link to a real-time reserve proof page.

According to its official page, its fund reserve rate is 102.1%.

Its funds are mainly in stablecoins, accounting for 72.0%, with a bitcoin reserve rate of 8.5% and an ETH reserve rate of 5.1%. However, this page represents self-reported data from the platform and is not equivalent to an independent audit conclusion.

Quickly, ZachXBT directly responded to the post and asked continuously: Why was the old post deleted, and why were threatening remarks directed at me removed? Why have all these users' withdrawal requests not been handled for several days? Why are the current owners of WooX hidden behind offshore entities?

WOO X replied that customer service is handling the matter and will directly contact users regarding their withdrawal tickets.

Once stolen $14 million, associated with BitMart

WOO X is a centralized trading platform under WOO Network, incubated by the quantitative institution Kronos Research, with co-founders Jack Tan and Mark Pimentel, both of whom have Wall Street trading backgrounds; Kronos has long provided market-making and liquidity for the platform. WOO X launched in August 2021, offering products including spot and derivatives.

In July 2025, WOO X temporarily halted all withdrawals site-wide due to the theft of $14 million from 9 accounts, with funds flowing to Bitcoin, Ethereum, BNB, Arbitrum, and other chains. The platform suspended withdrawals site-wide that day, stating that it would fully compensate affected users with its own funds; later, the official statement indicated that the attack was linked to targeted phishing associated with Lazarus / UNC4899, with the development environment having been backdoored. This serious security incident directly led to subsequent handover and restructuring.

In October 2025, WOO and Web3 private equity fund FusionX Digital jointly announced: FusionX became the new operator of WOO X, with a handover period of about six months, during which accounts, assets, trading, and customer service would be "uninterrupted." The announcement also established a global strategic committee, with BitMart founder Sheldon Xia entering the committee. The press release originated from Road Town, British Virgin Islands. The original WOO team then shifted focus to DeFi and AI (WOOFi, which was still in beta testing at the time). WOO Foundation contributor Ben Yorke published a lengthy article in December 2025 explaining the custody, cloud, and security resets during the handover, noting that details were restricted by NDA. Third-party materials like PitchBook record FusionX as a BVI private equity firm with investment/operational records with WOO X.

On July 26, 2026, BitMart announced "orderly cessation of operations": on that day, registration, deposits, and new positions were gradually halted; on August 26, 2026, spot and derivatives trading were stopped; formal cessation of operations was planned for January 31, 2027. The announcement stated that withdrawals remained open but advised users to complete verification and withdraw their assets as soon as possible. Then-Global CEO Nenter Chow later stated that he was informed of his dismissal on July 24, and the decision to cease operations had not been discussed with him in advance.

ZachXBT, in this WOO X alert, linked FusionX, Sheldon Xia, and BitMart's cessation of operations together, stating that some BitMart users' funds remained inaccessible. What public materials can confirm is Xia's entry into the WOO X strategic committee and FusionX's becoming the operator; if the funding between the two companies is interconnected, BitMart's liquidation would inevitably lead to WOO X's market makers withdrawing funds, resulting in a liquidity shortage.

Currently, 102.1% cannot be used to solidify "insolvency," nor can it serve as a get-out-of-jail-free card of "funds are absolutely fine." The specific situation regarding the proportion of the official hot wallet, custody accounts, and market-making borrowing available for immediate use is unknown, as withdrawals are a liquidity channel, not the total assets on the balance sheet.