TechFlow news, on May 23, investigative journalist Chris Brunet published an article investigating the decentralized crypto exchange WOO X, questioning its current financial health and suspecting that the platform has misappropriated user assets for investments, resulting in insolvency.
The article points out that WOO X owns a hedge fund, Kronos Research, highly similar to Alameda. Although the user terms state that WOO X will not use user deposits for speculation, Brunet subsequently found that according to solvency ratios, WOO X's assets currently cover only about 80% of user deposits, with 45% of those assets consisting of the token WOO.
According to third-party data from Nansen, WOO X's treasury is actually composed of 76% WOO tokens—significantly higher than its self-disclosed figure—causing the actual value of its reserves to fall far short of user deposits.
Although WOO X claims to be "decentralized," it in fact faces significant systemic and centralized risks.
