WOO X users report cryptocurrency withdrawals stalled for three days

WOOX User Feedback Summary

Several WOOX users reported that their cryptocurrency withdrawal requests have been in a "pending","processing" or "submitted" status. Some users said that transactions were stalled and incomplete for as long as three days. The complaints have been widely circulated on social media platform X in the past few days and attracted more attention on Sunday due to the intervention of blockchain investigation expert ZachXBT. ZachXBT pointed out that several verified WOOX users have reported to him the issue of delayed withdrawals.

One user said that although he had completed second-level identity authentication on the WOOX platform for five years, the withdrawal request still had to wait for three days to complete. Another user stated that funds transferred to their own escrow wallet stayed in the "submitted" status for more than six hours. Other users also described similar delays, with one customer stating that multiple attempts to withdraw USDC over multiple days were cancelled rather than completed successfully.

At present, the above individual allegations have not been independently verified, and relevant complaints have not confirmed that WOOX has completely suspended the platform's coin withdrawal service. In addition, the number of customers affected, the specific assets or blockchain networks involved, and the size of the current backlog of funds processed remain unclear. As of the time of writing, no public announcements explaining the broader issue of withdrawals have been found on WOOX's news page or its support section on interruptions in deposits and withdrawals. This support section only contains notices of specific previous network outages, involving assets and chains including Filecoin, Polygon, BSC, Base and Optimism.

Why did coin withdrawal complaints attract extra attention?

These reports have come under more scrutiny because WOOX changed operators last year and has documented ties with BitMart founder Sheldon Xia, which is currently in the midst of an orderly liquidation and potential restructuring phase.

In October 2025, WOO announced that Web3 private equity firm FusionX Digital will acquire WOO X and become the new operator of the centralized exchange. WOO said customer accounts, assets, trading and support services will continue to operate uninterruptedly during the expected six-month transition period. The announcement also appointed Xia as a member of WOO X's newly established Global Strategy Committee. He is expected to advise on international expansion, regulatory matters and exchange trading experience.

This appointment established a direct public connection between the BitMart founder and WOO X after the operator change. However, this does not prove that Xia owns or controls FusionX Digital, nor does it show that WOOX's customer assets are financially linked to BitMart.

Investor revelation

The current problem is mainly operational rather than conclusive financial difficulties: users have reported delays in withdrawing money, but there is no public evidence that WOOX has generally suspended withdrawing money, nor is there any evidence that these delays are related to BitMart's restructuring. The lack of public explanation has kept the market focused on the exchange's efficiency in clearing backlogs.

What's happening to BitMart?

BitMart announced on July 26 that it would begin to suspend operations in an orderly manner, initially suspending new user registrations, deposits and new trading activities, and then stopping trading services on August 26. The platform was originally planned to terminate platform operations on January 31, 2027, but the coin withdrawal function will remain available during the liquidation period. The plan changed in August. BitMart said on August 21 that it was considering a reorganization proposal as an alternative to a complete shutdown. Potential plans could involve a phased restart of some businesses, with distributions to creditors, but this would require legal, financial, regulatory and operational review.

BitMart hired White & Case as legal counsel for the reorganization and said it expects to provide another update by September 9. At the same time, BitMart users continue to post complaints on social media about alleging difficulty accessing funds. ZachXBT said millions of dollars in funds belonging to customers were still trapped, although the total value and specific claimed amount had not yet been independently confirmed.

Is there any evidence that WOO X and BitMart issues are related?

There is currently no public evidence that the delay in the withdrawal reported by WOOX is financially related to BitMart's reorganization, nor is there any evidence that WOOX is facing solvency issues. Contacts between the two companies are limited to governance and personnel connections surrounding public disclosures of the FusionX transaction, including Xia's appointment to the WOOX Strategy Committee. This distinction is critical because delays in withdrawals can be caused by a variety of reasons, including compliance reviews, blockchain congestion, wallet maintenance, liquidity management or internal operational issues.

Without the official explanation of WOOX, users can only judge the situation mainly through personal reports and transaction delays. The clearest sign of development so far is that multiple customers have publicly reported unusually long withdrawals, and WOOX has not issued a general notice explaining whether these cases reflect isolated account inspections, technical issues or broader processing issues. The next important test for traders and counterparties will be whether the backlog of withdrawal requests begins to be lifted and whether WOOX provides a public explanation before complaints spread further.