Today's Top Crypto Headlines:

WOO X Halts Withdrawals | Polychain Exits Celestia | FTX Readies $1.9B Payout and more...

King Fatrick Gil Añasco
July 25, 2025

Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

WOO X Halts Withdrawals: WOO X paused withdrawals after a $14M hack affecting nine users. The platform blocked unauthorized transactions, promised full reimbursements, and launched internal security upgrades.
Polychain Exits Celestia: Polychain Capital sold its remaining $62.5M in TIA tokens back to the Celestia Foundation. The repurchase follows backlash over previous token sales.
💡Feature of the Day - FTX Readies $1.9B Payout: FTX will distribute $1.9B to creditors starting Sept. 30 after resolving disputed claims. The move follows two prior rounds totaling $6.2B.

All this and more in today’s headlines!

📰 News Highlights:

WOO X Halts Withdrawals [Source][Source]

Crypto trading platform WOO X temporarily paused withdrawals after a $14 million breach affecting nine user accounts.

We're currently investigating a contained incident that occurred on WOO X earlier today
While user funds and trading are unaffected, withdrawals have been temporarily paused while we complete the investigation.
Stay tuned to this account for updates:
— WOO X (@_WOO_X)
3:09 PM • Jul 24, 2025

The company responded quickly, blocking many unauthorized transactions and promising to fully reimburse affected users.

1. To provide further details, the incident has affected 9 user account who had unauthorized withdrawals placed.
The incident was quickly detected and as a precaution, withdrawals were paused and many of the withdrawals were blocked. We've already contacted the affected users,
— WOO X (@_WOO_X)
3:24 PM • Jul 24, 2025

Withdrawals were paused as a precaution while the platform conducted internal investigations and implemented new safety measures.

🚨ALERT🚨Our system has detected multiple suspicious transactions with an estimated loss of more than $12M involving @_WOO_X among $BTC, $ETH, $BNB, and $ARB networks.
Suspicious address on $ETH received $1M $USDT from WOO’s hot wallet, with additional $ETH.
The full $1M in
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts)
4:04 PM • Jul 24, 2025

The WOO X incident is part of a broader trend of crypto platform hacks in July. BigONE lost $27 million, CoinDCX suffered a $44 million breach, and Arcadia Finance was exploited for $3.5 million.

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Polychain Exits Celestia [Source][Source][Source][Source]

Polychain Capital sold its remaining $62.5 million TIA token stake to the Celestia Foundation, ending its early backing of the modular blockchain.

The Celestia Foundation has worked with Polychain Capital to assign Polychain’s entire remaining TIA holdings to new investors.
This month, the Foundation purchased 43,451,616.09 TIA from Polychain Capital for $62.5m. Polychain will shortly be undelegating their entire staked
— Celestia 🦣 (@celestia)
3:31 PM • Jul 24, 2025

The repurchased tokens will now follow a new unlock schedule from August to November.

Was bored so decided to do an update to Polychain $TIA sells
Polychain has now dumped over $242 million worth of TIA since TGE
They still hold around ~44.7 mil TIA ($63.9 mil)
— 360 🐰🇵🇸 (@gtx360ti)
11:55 AM • Jul 2, 2025

The sale price was around $1.44 per token, slightly below the current market price.

Any chain that allows insiders to earn emissions on locked tokens is optimizing insider/VC profits over product success.
I am all for VCs maximizing LP profits, but if you participate in such an arrangement save me the BS about believing in the project. You don’t.
— Omid Malekan 🧙🏽‍♂️ (@malekanoms)
1:43 PM • Jun 26, 2025

The move follows criticism of Polychain’s alleged $242 million selloff of staking rewards, even while core allocations remained locked.

Polychain invested ~$20m in Celestia and sold more than $80m worth of tokens just from staking rewards.
They made >4x without selling their main investment.
— Pavel Paramonov (@paramonoww)
11:26 AM • Jun 26, 2025

In response, Celestia’s upcoming "Lotus" upgrade will require staking rewards to unlock in proportion to the vesting schedule.

💡 Feature of the Day:

FTX Readies Payouts [Source][Source]

FTX’s bankruptcy estate will distribute $1.9 billion to creditors starting Sept. 30, using funds released from previously disputed claims.

Next FTX Distribution
Record date: 15 Aug 25
Claim allowed
Passed KYC
Onboard with Distributor
Tax forms
Distribution date: 30 Sept 2025
~ $2bn paid to:
FTX claims > $50k
FTX claims < $50k allowed since record date
Class 6 GUC
— Sunil (FTX Creditor Champion) (@sunil_trades)
9:22 PM • Jul 23, 2025

This third round follows earlier payouts of $1.2 billion and $5 billion. The estate’s reduced disputed claims reserve freed up the cash, with eligibility determined by an Aug. 15 cutoff.

However, some jurisdictions, including China, may be excluded due to ongoing legal reviews. A controversial motion to freeze claims from 49 countries received heavy pushback, prompting FTX to revise its approach.

😂 Crypto Meme of the Day:

Can you relate? 😂
#Crypto#Bitcoin#Memes
— Bitget (@bitgetglobal)
3:29 AM • Feb 17, 2023

Meme of the day provided by @bitgetglobal

And that’s it for this today.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com