WOO X under scrutiny after 3-day withdrawal crisis: ‘Are we getting rug?’

Crypto exchange WOO X is struck with credibility and operational warning signs. According to reports presented by pseudonymous blockchain investigator ZachXBT, several verified WOO X users contacted him after experiencing withdrawal problems over the previous few days.

Some withdrawals reportedly remained pending for up to three days, while others were stuck for several hours without being broadcast to the blockchain. Moreover, there were also reports of withdrawal requests being canceled.

What’s happening with WOO X?

However, these delays have not yet proved that the exchange is insolvent or that customer funds are lost. However, if withdrawals that normally take minutes or hours are now sitting in “pending,” “processing,” or “submitted” status for several days, users will naturally start questioning the “why” behind this.

Clearing the air around the matter, WOO X eventually took to X and acknowledged the issue the exchange has been facing and said,

In fact, on the 7th of September, the crypto exchange also came up with a solution for users whose withdrawals are paused or failing due to KYC reasons.

What is the BitMart connection?

What brings this matter to the spotlight is WOO X’s current ownership and management structure. So for context, WOO X has a connection to FusionX Digital.

In that chain, the latter is further linked to Sheldon Xia, the founder of BitMart, who has also been associated with the WOO X operation following the 2025 transition.

Now since BitMart itself is going through a major winding-down process, users are naturally drawing comparisons. For those unaware, BitMart had officially announced on the 26th of July, 2026, that it would begin an orderly cessation of its trading-platform operations.

BitMart takes a step back

One month after the announcement, BitMart stopped new registrations and deposits and subsequently halted trading services. BitMart later said it was exploring a potential restructuring and possible phased resumption of operations, with a roadmap expected by the 9th of September.

Ergo, the next few days are crucial. If delayed withdrawals clear and appear on-chain, it would suggest an operational issue. However, if rising complaints, prolonged delays, or broader withdrawal restrictions continue to pile up, then that would signal a much more serious problem.

Final Summary

• WOO X users are experiencing withdrawal complications over the previous few days.
• WOO X’s current connection with FusionX Digital adds further strain to the matter.