Woo X cryptocurrency exchange faces withdrawal delay allegations

Cryptocurrency exchange Woo X is facing allegations of delayed withdrawals following reports from blockchain investigator ZachXBT. Users have claimed that their withdrawal requests have remained in pending or processing status for several days.

Woo X has denied rumors of systemic issues, stating that its team is working to resolve unprocessed requests. The exchange released a proof of reserves page claiming to hold $44.5 million in wallets, which exceeds the $43.4 million in user funds. The company also noted that its official support channels had not received prior reports of these issues before they surfaced on social media.

ZachXBT highlighted that Woo X was acquired by FusionX Digital in 2025, a company reportedly linked to Sheldon Xia, the founder of BitMart. The investigator drew parallels to BitMart’s restructuring in July 2026, which resulted in users losing access to millions of dollars in assets. While Xia has made statements regarding the safety of user assets, these claims have not yet been independently verified.