Multiple verified users of crypto exchange WOO X have reported that their withdrawal requests have remained in pending, processing, or submitted status for hours and, in several cases, for up to three days.
On-chain investigator ZachXBT compiled those complaints in a community alert on September 6 and publicly asked the exchange why the transfers had not moved. WOO X responded later the same day, saying it was reviewing individual cases and system status, but stopped short of announcing a platform-wide withdrawal halt. The full scale of the delays remains unconfirmed at the time of publication.
The episode carries added weight because delayed withdrawals are typically the first public signal traders watch when confidence in a centralized venue begins to slip. It also arrives less than two months after crypto exchange BitMart, whose founder Sheldon Xia sits on a WOO X strategy committee, began an orderly wind-down of its own trading platform.
What Users Reported
ZachXBT, a pseudonymous on-chain investigator widely known for exposing exchange liquidity gaps and crypto fraud, published his community alert through his Investigations channel on Telegram. He said several identity-checked WOO X users had contacted him over the previous three days with similar complaints, and he circulated screenshots on X to support the pattern.
Among the messages he shared, a long-time Level 2 verified user said a withdrawal had remained pending for three days. Another said a transfer to a self-custody wallet had been stuck in submitted status for more than six hours with no transaction ID (TxID) assigned. A separate group of posts described USD Coin (USDC) withdrawal attempts that were canceled rather than completed.
These are user claims. They have not been independently verified transaction by transaction, and they do not prove that WOO X has paused withdrawals for every customer or that a specific asset or blockchain network is offline. It remains unclear how many accounts are affected, which chains are involved, or how much value is currently sitting in the queue.
WOO X’s own support documentation describes “pending verification” as a manual-review stage and “processing” as the period after review, while the platform waits for blockchain confirmation. The label “submitted,” which several users cited, is not defined in the exchange’s public glossary in the same way. That gap is part of the reason some users said they could not file a support ticket that required a transaction hash to submit.
The WOO X Statement and a Deleted Legal Warning
WOO X posted an official notice on X at 15:19 GMT on September 6 from its official handle. The exchange wrote that it was “aware of reports regarding withdrawal processing times” and was “reviewing the relevant cases and system status.”
It said some requests “may still be under review or on-chain processing” and that internal teams were working to resolve them “as quickly as possible.”
Affected users were asked to contact official support with their User Identification (UID), withdrawal order ID, request time, asset and network involved, and a status screenshot. The notice also warned users not to trust unsolicited messages and not to share passwords, seed phrases, private keys, or verification codes with any third party.
The statement pointed users to WOO X’s live proof-of-reserves page, a self-reported dashboard that displays the exchange’s on-chain wallet balances against user liabilities. That reserve snapshot has not been independently audited in this report.
At 15:30 GMT, ZachXBT replied directly to the exchange in a public post on X: “Your users were ignored for days so I had to bring attention to the matter. Why did you delete your old post and remove the language threatening me? Why were all of these user withdrawals not processed for days? Why is the current WooX owner hidden behind offshore entities?”
Early reports of WOO X’s first notice, circulated, included language that the company reserved the right to take legal action against anyone “fabricating, distorting, or maliciously disseminating false information.” The later official post from WOO X at 15:19 GMT omitted that sentence and instead asked users to avoid “unverified claims” and rely on official channels. At 15:30 GMT, ZachXBT replied to the exchange and asked why the earlier post had been deleted and why the language directed at him had been removed.
At 15:55 GMT, WOO X added that its customer support team was “actively looking into this and will follow up with users directly regarding withdrawal tickets.” As of the time this article was prepared, the exchange had not published a list of affected assets or blockchain networks, a count of delayed tickets, or a resolution deadline. Its official support portal remained the primary channel for affected users to raise cases.
Ownership Backdrop: FusionX Digital, Kronos Research and BitMart
WOO X is a centralized cryptocurrency exchange incubated in 2019 by Kronos Research, a quantitative trading firm co-founded by Jack Tan and Mark Pimentel that has historically served as the venue’s primary market maker.
On October 15, 2025, WOO Network and Web 3 private equity fund FusionX Digital jointly announced that FusionX would become the new operator of the exchange, with plans to scale the platform globally while expanding utility for the WOO token. The companies said accounts, assets, trading, and support would continue without interruption and that the operational handover would run over roughly six months.
BitMart founder Sheldon Xia joined a newly formed Global Strategy Committee at the same time, confirming his role in a public post the day of the announcement. ZachXBT has publicly described FusionX Digital as having alleged ties to Xia. Public deal materials do not describe Xia as the sole equity owner of WOO X. They do place him on the strategy committee that was created when FusionX took over operations, and the FusionX press release was issued from Road Town, British Virgin Islands (BVI), an offshore jurisdiction.
ZachXBT’s later question about “offshore entities” referred to that structure. Neither FusionX Digital nor Xia had issued a separate public statement on the September 6 withdrawal reports by the time this article was prepared.
The BitMart comparison is the primary reason the WOO X reports spread quickly through crypto social channels. On July 26, 2026, BitMart announced it would begin an orderly wind-down after reviewing its operating conditions, market environment, and strategic direction. New registrations and deposits were halted the same day.
All spot and futures trading was scheduled to stop at 01:00 Coordinated Universal Time (UTC) on August 26, 2026, and official termination of platform operations was set for January 31, 2027.
BitMart users were told withdrawals would remain available, subject to compliance checks. The exchange’s then-global chief executive Nenter Chow, also known as Nathan Chow, said publicly that he had not been consulted on the shutdown decision. BitMart’s native BMX token fell sharply after the notice.
On August 21, 2026, the exchange said it was developing a potential restructuring plan and appointed the international law firm White & Case as restructuring counsel, a pivot that came alongside rising user criticism over blocked withdrawals. BitMart users have continued to report frozen withdrawal requests even after the August 26 trading halt. ZachXBT has said publicly that millions of dollars in customer assets remain stuck at BitMart. Those figures have not been independently confirmed.
The two platforms are not the same legal entity. Shared personnel and the timing of the current complaints are the facts on the record. They are not proof that WOO X is following BitMart’s wind-down path.
What is Known and What is Not
Established as of 19:25 UTC on September 6, 2026: Multiple users, some described by ZachXBT as verified, have reported withdrawals stuck for up to three days. WOO X has acknowledged the processing delays, attributed at least some of them to review or on-chain confirmation, and asked users to file official tickets. The exchange also revised an earlier statement that had contained a legal-action warning.
WOO X has not announced a platform-wide withdrawal halt. FusionX Digital became the operator of WOO X in late 2025, and Sheldon Xia joined its Global Strategy Committee at the same time. BitMart, the exchange Xia founded, began winding down in July 2026.
Not established at the time of publication: A confirmed total of delayed withdrawals or trapped value on WOO X. A named technical root cause, insolvency event, or security breach tied to the current delays. Independent verification of every user screenshot circulated by ZachXBT. A public, itemized explanation of current beneficial ownership beyond the 2025 FusionX operator announcement.
WOO X has a prior record of pausing selected blockchain networks for maintenance. In July 2025, the venue temporarily suspended withdrawals on a long list of tokens and chains, and it separately paused Bitcoin (BTC) withdrawals via BNB Smart Chain in February 2026. Those earlier notices were labeled temporary and precautionary. They are background context, not evidence of the present cause.
Analyst Note
In crypto market structure, a withdrawal queue functions as a live liquidity and operations test. Exchanges routinely hold transfers for compliance review, and congestion or hot-wallet rotations can leave a request in processing after it has cleared internal checks. The pattern that draws scrutiny is duration combined with silence: users waiting days, support asking for a transaction hash that does not yet exist, and an official reply that confirms review without giving a clock.
The FusionX Digital and BitMart overlay raises the reputational bar for WOO X. Traders will look for three specific signals next: whether the delayed tickets start clearing with visible on-chain transaction hashes, whether WOO X publicly names the assets and blockchain networks involved, and whether the operator addresses the ownership questions ZachXBT put on the record. Until those points are answered with primary data, the story remains a cluster of user reports and a partial operational response, not a confirmed run on an exchange.
ZachXBT has spent much of 2026 pressing centralized venues on this exact playbook. He flagged Singapore-headquartered AscendEX in June 2026 after users reported multi-day stuck withdrawals, and AscendEX later said operations had ceased with effect from July 1, 2026, with a formal wind-down notice dated July 6. Similar concerns were raised earlier around BitMart’s own solvency after an OpenGradient co-founder said his market-making team could not withdraw funds.
The harder precedent that community members have started to reference is WazirX’s prolonged withdrawal freeze and subsequent restructuring. Every case differs, and WOO X’s outcome is far from determined.
Also Read: US Treasury’s FinCEN Flags Nearly $13B in Crypto ‘Pig Butchering’ Scam Activity
