Verify a decision

{"actor":"system:backfill","investigation_id":"2f02a908-ec24-45f6-88c2-29be1f765df0","kind":"publish","page_slug":"woo-x","published_at":"2026-05-20T03:37:13.984Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"WOO X","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://academy.binance.com/en/articles/what-is-woo-network-woo"},{"credibility":3,"name":"","type":"other","url":"https://www.globenewswire.com/news-release/2025/10/15/3167430/0/en/Web-3-Private-Equity-Fund-FusionX-Digital-to-become-the-new-operator-of-WOO-X-plans-to-scale-centralized-exchange-while-growing-token-utility.html"},{"credibility":3,"name":"","type":"other","url":"https://www.kraken.com/learn/what-is-woo-network"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://cointelegraph.com/news/kronos-research-halts-trading-25-m-hack-investigation"},{"credibility":3,"name":"","type":"other","url":"https://cryptonews.net/news/legal/21491729/"},{"credibility":3,"name":"","type":"other","url":"https://woox.io/en/blog/transparency-update-liquidity-incident-review"},{"credibility":3,"name":"","type":"other","url":"https://medium.com/@C137K/from-taiwan-to-the-world-stage-kronos-research-and-their-ascension-in-crypto-market-making-d92e08941d78"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://woox.io/en/blog/transparency-update-liquidity-incident-review"},{"credibility":3,"name":"","type":"other","url":"https://www.theblock.co/post/263638/taiwanese-trading-firm-kronos-research-hacked-for-estimated-25-million-zachxbt"},{"credibility":3,"name":"","type":"other","url":"https://www.coindesk.com/markets/2023/11/28/crypto-trading-firm-kronos-research-offers-10-bounty-to-hacker"},{"credibility":3,"name":"","type":"other","url":"https://cryptonews.com/news/kronos-research-hacker-launders-4m-through-tornado-cash/"},{"credibility":3,"name":"","type":"other","url":"https://woox.io/blog/july-24th-security-incident-post-mortem"},{"credibility":3,"name":"","type":"other","url":"https://www.halborn.com/blog/post/explained-the-woo-x-hack-july-2025"},{"credibility":3,"name":"","type":"other","url":"https://yellow.com/news/woo-x-exchange-suspends-operations-after-dollar14-million-hack-targets-user-accounts"},{"credibility":3,"name":"","type":"other","url":"https://rekt.news/woox-rekt"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://www.coindesk.com/policy/2022/09/08/taiwan-approves-24-crypto-platforms-including-woo-network-for-aml-compliance"},{"credibility":3,"name":"","type":"other","url":"https://woox.io/proof-of-reserves"},{"credibility":3,"name":"","type":"other","url":"https://woox.io/blog/woo-security-unveiled-keeping-your-assets-safe"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://woox.io/blog/july-24th-security-incident-post-mortem"},{"credibility":3,"name":"","type":"other","url":"https://www.halborn.com/blog/post/explained-the-woo-x-hack-july-2025"},{"credibility":3,"name":"","type":"other","url":"https://www.globenewswire.com/news-release/2025/10/15/3167430/0/en/Web-3-Private-Equity-Fund-FusionX-Digital-to-become-the-new-operator-of-WOO-X-plans-to-scale-centralized-exchange-while-growing-token-utility.html"},{"credibility":3,"name":"","type":"other","url":"https://beincrypto.com/kronos-crypto-hack-suspends-trading/"}]}],"sources_used":[],"summary":"WOO X is a centralized cryptocurrency exchange founded in 2019 and incubated by Taiwanese quantitative trading firm Kronos Research, offering spot and derivatives trading with a focus on deep liquidity and low fees. The exchange has experienced two significant security events: a November 2023 liquidity crisis triggered by a $26 million hack of its primary market maker Kronos Research, and a July 2025 $14 million breach of nine user accounts attributed to a North Korean state-sponsored group (UNC4899/Lazarus) via phishing of a developer. Both incidents resulted in user compensation from company reserves, though the pattern of security failures and structural dependency on Kronos Research represent elevated counterparty and operational risk.","timeline":[{"date":"2018-01-01","event":"Kronos Research founded in Taiwan as a quantitative high-frequency trading firm by Jack Tan and Mark Pimentel.","source":""},{"date":"2019-01-01","event":"WOO Network founded by Kronos Research co-founders Jack Tan and Mark Pimentel, incubated by Kronos Research.","source":""},{"date":"2021-08-01","event":"WOO X launches publicly as a centralized exchange, billing itself as the first crypto exchange to use a Payment for Order Flow model.","source":""},{"date":"2022-09-08","event":"WOO Network receives AML registration approval from Taiwan's Financial Supervisory Commission, the only foreign applicant among 24 approved platforms.","source":""},{"date":"2023-08-01","event":"Two Kronos Research engineers are convicted by a Taipei court of tampering with trading algorithms over unpaid bonuses, causing approximately $1.4 million in losses.","source":""},{"date":"2023-11-18","event":"Kronos Research's exchange API keys are compromised by an external attacker; approximately $26 million is stolen. WOO X suspends trading and withdrawals due to Kronos being its primary market maker.","source":""},{"date":"2023-11-19","event":"WOO X restores spot and perpetual trading after onboarding alternative market makers. Exchange confirms 227 users experienced liquidations and states all will be compensated.","source":""},{"date":"2023-11-28","event":"Kronos Research publicly offers the hacker a 10% bounty to return funds. The offer is not accepted.","source":""},{"date":"2024-09-01","event":"Seychelles VASP Act 2024 comes into force, requiring all crypto businesses operating from Seychelles to hold a VASP license. WOO X's compliance status with this requirement is not publicly confirmed.","source":""},{"date":"2025-06-28","event":"Alleged initial contact by UNC4899/Lazarus Group threat actor with a WOO X developer via open-source software forum, beginning the attack chain that leads to the July 2025 breach.","source":""},{"date":"2025-07-24","event":"WOO X detects unauthorized withdrawals of $14 million from nine user accounts across Bitcoin, Ethereum, BNB, and Arbitrum networks. Withdrawals are suspended. Attack attributed to North Korean state-sponsored group UNC4899.","source":""},{"date":"2025-07-25","event":"WOO X confirms $14 million in losses and pledges 100% compensation from WOO treasury reserves. Trading remains operational throughout incident.","source":""},{"date":"2025-10-15","event":"FusionX Digital, a Web3 private equity fund, announced as new operator of WOO X centralized exchange. Sheldon Xia, founder of BitMart, joins a newly established Global Strategic Committee.","source":""}]},"v":1}