The decentralized crypto trading platform WOO X is severely insolvent and is suspected of misappropriating user assets

ChainCatcher news, investigative journalist Chris Brunet published an investigative article on the 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, leading to insolvency.

The article points out that WOO X has a hedge fund called Kronos Research, which is highly similar to Alameda. Although the user terms state that WOO X will not use user deposits for speculation, Chris Brunet later discovered that, according to the debt-to-asset ratio, WOO X's assets currently cover only about 80% of the deposits, with 45% of those assets consisting of Token WOO. Furthermore, according to third-party data from Nansen, WOO X's treasury is actually composed of 76% WOO, significantly higher than the data it actively disclosed, resulting in the actual value of reserve assets being far less than user deposits. (source link)