Investigative Journalist: Decentralized Crypto Trading Platform WOO X Is Seriously Insolvent

Investigative journalist Chris Brunet has released his investigative article on decentralized crypto trading platform WOO X, questioning the current financial health of WOO X and suspecting that the platform has misappropriated user assets for investment, resulting in insolvency.

The article points out that WOO X is owned by a hedge fund, Kronos Research, which is highly similar to Alameda, and that although the user terms and conditions state that WOO X does not use user deposits for speculation, Chris Brunet subsequently found that according to the balance sheet, WOO X assets currently only cover about 80% of deposits, and 45% of those assets are made up of Token WOO. According to third-party data from Nansen, the WOO X vault is actually 76% made up of WOO, which is significantly higher than the data it actively discloses, resulting in the actual value of the reserve assets being much smaller than the user deposits.