ZachXBT Raises WOO X Withdrawal Concerns After Users Report 3-Day Delays

• WOO X admitted to a delay in withdrawals after ZachXBT pointed out complaints related to processing times of up to three days.
• The complaints have brought to light the changing ownership of WOO X and Sheldon Xia’s relationship with the exchange.

The WOO X exchange is now under the scanner owing to reports of withdrawal delays by more than one user lasting for several days. Investigator ZachXBT called attention to these reports in his Investigations channel on September 6. According to the reports, various users have contacted ZachXBT with such issues regarding withdrawals from the platform.

No suspension of withdrawal service across the entire platform has been confirmed yet by these reports. WOO X responded to these reports of withdrawal delays that same day. They reported that teams were checking the status of individual cases as well as the system in general.

User Accounts Illuminate Withdrawal Processing

ZachXBT provided screenshots featuring several users complaining about withdrawal processing delays. For instance, one Level 2 verified user had a pending withdrawal for three days. Also, another user claimed that there was a pending self-custody withdrawal request for over six hours. This particular withdrawal request did not have any transaction ID. Other users complained about the cancellation of their withdrawal requests in USDC, not the completion.

WOO X advised the affected users to contact the exchange’s official customer service platform. This included requesting identification numbers, withdrawal ID orders, the timing of the request, assets, network, and screenshots. The exchange advised users not to share passwords, seed phrases, private keys, or verification codes.

The exchange referred customers to the Proof of Reserves Dashboard. This dashboard compared the balance of on-chain wallets with the liabilities of customers. Nonetheless, the reserves snapshot is not an independent audit. Also, ZachXBT interrogated WOO X in public about the communication. He asked why WOO X deleted an earlier post with stricter legal language. He also queried about the structure of the exchange.

WOO X’s Ownership Connections Provide Additional Information

Withdrawal reports for WOO X have brought into focus the exchange’s recent ownership shift. FusionX Digital was appointed to operate WOO X in October 2025, with BitMart’s founder Sheldon Xia joining its Global Strategy Committee. There are allegations that FusionX Digital and Sheldon Xia are connected. But there is no indication in the public records of the deal that Sheldon Xia is WOO X’s sole owner.

The reports are also subject to comparison with the BitMart exchange that announced its orderly wind-down in July 2026. New registrations and deposits to the exchange ceased before the suspension of operations on August 26.

There have been continuous reports of the inability to withdraw funds from the exchange, but according to ZachXBT, millions of dollars are still locked up at the exchange. The figures are not confirmed independently. WOO X has not announced a platform-wide withdrawal halt or provided affected asset details. The exchange also has not disclosed a complete count of delayed withdrawal tickets. For now, the reported delays remain under review as customers await further updates.

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