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anchored·4LqNfB…QD2HSummary
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.
Connected Entities
1 entities- + 3 more
Timeline(13 events)
2018
Kronos Research founded in Taiwan as a quantitative high-frequency trading firm by Jack Tan and Mark Pimentel.
2019
WOO Network founded by Kronos Research co-founders Jack Tan and Mark Pimentel, incubated by Kronos Research.
August 2021
WOO X launches publicly as a centralized exchange, billing itself as the first crypto exchange to use a Payment for Order Flow model.
8 September 2022
WOO Network receives AML registration approval from Taiwan's Financial Supervisory Commission, the only foreign applicant among 24 approved platforms.
August 2023
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.
18 November 2023
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.
19 November 2023
WOO X restores spot and perpetual trading after onboarding alternative market makers. Exchange confirms 227 users experienced liquidations and states all will be compensated.
28 November 2023
Kronos Research publicly offers the hacker a 10% bounty to return funds. The offer is not accepted.
September 2024
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.
28 June 2025
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.
24 July 2025
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.
25 July 2025
WOO X confirms $14 million in losses and pledges 100% compensation from WOO treasury reserves. Trading remains operational throughout incident.
15 October 2025
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.
Decision Log
- hash: 4XerYiZqPteTJ4TCLpth763wRV9GKryuEsss5ioANfHn
This investigation is cryptographically anchored to the Solana blockchain (1 event). 14 of 18 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:22 AM
last updated: 8/30/2026, 3:54:59 AM
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