Summary
WOOFi Swap is a decentralized exchange (DEX) built by WOO Network, operating on 12+ blockchain networks including Arbitrum, Avalanche, and Optimism, and using a proprietary synthetic Proactive Market Maker (sPMM) algorithm. On March 5, 2024, the protocol suffered a critical oracle manipulation exploit on Arbitrum in which an attacker used flash loans to manipulate WOO token pricing to near zero, stealing approximately $8.75 million; funds were not recovered. The parent platform WOO X also suffered a separate $14 million phishing-linked breach in July 2025 attributed to North Korean state-sponsored threat actors, compounding the ecosystem's security record.
Connected Entities
1 entitiesTimeline(10 events)
2019-01-01
WOO Network (originally Wootrade) founded by Jack Tan and Mark Pimentel, co-founders of Kronos Research.
2021-01-01
WOOFi Swap launches as the DeFi product arm of WOO Network, operating with the sPMM algorithm. No security incidents reported for approximately three years.
2022-08-01
PeckShield completes second audit of WOOFi Supercharger vault, reporting no critical or high-severity issues.
2022-06-27
Three Arrows Capital (3AC), an early investor in WOO Network's Series A, is ordered into liquidation by a British Virgin Islands court after failing to meet margin calls.
2024-03-05
WOOFi Swap on Arbitrum is exploited via flash loan oracle manipulation. Attacker (0x9961190b...) manipulates WOO price to $0.00000009, draining approximately $8.75 million across three attack cycles in 13 minutes. Pools paused by 16:02 UTC.
2024-03-06
WOOFi offers 10% white-hat bounty to the attacker and posts an information bounty on Arkham Intelligence. Official post-mortem published.
2024-03-07
PeckShield reports that an address labeled 'Hack, WOOFi Exploiter' moved 199.52 ETH (~$713,000) to a new address; connection to bounty offer unclear.
2024-03-19
WOOFi Swap v2 contracts resume operation after approximately two weeks of downtime. Zellic completes post-remediation audit of sPMM, oracle, and router contracts.
2025-07-24
WOO X centralized exchange suffers $14 million breach. A developer downloads a malicious file via social engineering, installing a Lazarus Group (UNC4899) backdoor. Nine user accounts drained. Withdrawals halted. All affected users fully compensated from treasury.
2025-10-15
FusionX Digital announced as new operator of WOO X, signaling governance transition for the centralized exchange.
Decision Log
- hash: BXyjCjKjmmHJKzpxR7FhfQ9eJnqKThGFUZYUpH69mmw1
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:34 AM
last updated: 5/27/2026, 5:32:35 PM
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