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WOOFi Swap

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anchored·5Ezhxx…auV8

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 entities
Protocols
⌂WOOFi Swap
Relationships
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    Timeline(10 events)

    2019

    WOO Network (originally Wootrade) founded by Jack Tan and Mark Pimentel, co-founders of Kronos Research.

    2021

    WOOFi Swap launches as the DeFi product arm of WOO Network, operating with the sPMM algorithm. No security incidents reported for approximately three years.

    August 2022

    PeckShield completes second audit of WOOFi Supercharger vault, reporting no critical or high-severity issues.

    27 June 2022

    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.

    5 March 2024

    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.

    6 March 2024

    WOOFi offers 10% white-hat bounty to the attacker and posts an information bounty on Arkham Intelligence. Official post-mortem published.

    7 March 2024

    PeckShield reports that an address labeled 'Hack, WOOFi Exploiter' moved 199.52 ETH (~$713,000) to a new address; connection to bounty offer unclear.

    19 March 2024

    WOOFi Swap v2 contracts resume operation after approximately two weeks of downtime. Zellic completes post-remediation audit of sPMM, oracle, and router contracts.

    24 July 2025

    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.

    15 October 2025

    FusionX Digital announced as new operator of WOO X, signaling governance transition for the centralized exchange.

    Provenance & Audit Trail
    Anchored on SolanaVerify on-chain19 Wayback Archivessrc:defillama

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain (1 event). 19 of 23 cited source URLs have an Internet Archive snapshot.

    full audit log →version history →

    model: claude-sonnet-4-6

    generated: 5/4/2026, 2:54:34 AM

    last updated: 8/30/2026, 5:14:08 AM

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