WOO security unveiled: Advanced custody, real-time monitoring & proof of reserves
In today’s rapidly evolving crypto landscape, security is more than just a feature: it’s a necessity. As digital assets become increasingly valuable and cyber threats grow more sophisticated, traders demand platforms that prioritize the safety of their funds and personal information.
At WOO X, we understand that trust starts with robust security measures. That’s why we’ve built a comprehensive, multi-layered security system combining advanced custody solutions, real-time monitoring, and transparent reporting to ensure your assets are protected every step of the way.
In this article, we’ll take you behind the scenes of WOO’s security framework and show how we safeguard your trading experience with cutting-edge technology and unwavering commitment.
Secure custody and asset protection
At the core of WOO X’s security framework is our partnership with Fireblocks, a leading institutional-grade custody solution trusted by top-tier financial institutions worldwide. By integrating Fireblocks, we ensure that your digital assets are stored and transferred with the highest level of security.
Fireblocks leverages cutting-edge multi-party computation (MPC) technology, which eliminates single points of failure by distributing cryptographic keys across multiple parties. This means your assets are safeguarded against unauthorized access and cyber threats.
Beyond MPC, Fireblocks offers insured wallets, providing an additional layer of financial protection. Their secure key management system ensures that private keys never leave the secure environment, drastically reducing the risk of theft or loss. This integration empowers WOO X to deliver custody solutions that meet institutional standards, giving traders peace of mind that their assets are protected by best-in-class technology.
Proof of Reserves and transparency
Transparency is a cornerstone of trust in the crypto space, and WOO X leads the way with its live proof of reserves system. Updated every 15 minutes, this dashboard publicly displays the exchange’s total assets and liabilities, allowing users to verify that WOO X maintains full collateralization at all times. By providing a real-time, auditable record of transactions, WOO X fosters an environment of openness and accountability.
This commitment to transparency not only builds user confidence but also sets a new industry standard. Traders can rest assured knowing that WOO X’s solvency is continuously verified, eliminating concerns over hidden risks or undisclosed liabilities.
Response to network threats and attacks
Security is not just about prevention, it’s also about rapid response. WOO employs proactive risk management through 24/7 monitoring of network health and blockchain activity. This vigilance enables the platform to detect anomalies and potential threats early, minimizing impact on users.
A prime example of this approach was during the Bybit network attack, when WOO swiftly added more control points and conducted thorough security reviews to protect user funds from exposure. Once the threat subsided, funds were promptly restored, ensuring uninterrupted trading for our users.
In addition, WOO has established clear network attack response protocols. When necessary, the platform can limit or temporarily halt deposits, withdrawals, or trading activities to safeguard user assets and maintain system integrity. This disciplined approach ensures that security remains paramount, even in the face of evolving threats.
Continuous security monitoring and threat prevention
At WOO, security is a continuous journey, not a one-time setup. To protect our platform from external threats, we leverage Google Armor DDoS’ industry-leading protection and traffic filtering capabilities. This robust defense system effectively blocks distributed denial-of-service (DDoS) attacks and other malicious traffic, ensuring that our platform remains available and responsive even under heavy attack. In fact, Google Armor DDoS protection helps us thwart over 5 million attack attempts every month, safeguarding the integrity and uptime that our users rely on.
Complementing this technical shield is our active bug bounty program, accessible directly through the WOO X’s website footer or here.
We invite white-hat hackers and security researchers from around the world to rigorously test our platform and report any vulnerabilities they discover. This community-driven approach not only strengthens our defenses but also fosters transparency and collaboration in the pursuit of a safer trading environment.
By continuously integrating feedback from security experts and the broader community, WOO X remains committed to evolving and enhancing its security posture. This proactive mindset ensures that we stay ahead of emerging threats and maintain the highest standards of protection for our users.
Audits and Compliance
WOO’s commitment to security extends beyond internal measures to include rigorous third-party audits and compliance certifications.
For our DeFi protocol WOOFi, multiple audits have been conducted by reputable firms such as Verilog Solutions, Zellic, Certik, and Sherlock, ensuring that smart contracts and staking mechanisms meet the highest security standards. These comprehensive audits cover everything from market-making algorithms to staking contracts, reflecting a thorough vetting process that identifies and addresses potential vulnerabilities.
Latest smart contract audits:
- WOOFi Swap Solana - October 2024 by Sherlock
- WOOFi earn and stake - August 2024 by Zellic
- WOOFi Swap fix - May 2024 by Zellic
- WOOFi Swap fix - April 2024 by Sherlock
- WOOFi Staking v2 - May 2023
- WOOFi Swap v2 - October 2022
- WOOFi Earn Supercharger Vault - July & August 2022
- WOOFi Earn - February 2022
- WOOFi Stake - December 2021
- WOOFi Swap (Alpha) - October 2021
All of the audit reports can be found here.
Technical SOC and processes ISO audits
Historically, WOO X has also undergone SOC and ISO audits performed by SecureVectors and TUV Rheinland, reinforcing adherence to industry best practices and regulatory requirements. Notably, WOO holds the ISO/IEC 27001 certification, a globally recognized standard for information security management systems, underscoring its dedication to protecting user data and operational integrity.
Beyond audits, WOO X actively monitors its trust scores on leading platforms like CoinGecko, maintaining a strong reputation within the crypto community. This ongoing focus on compliance and transparency builds user confidence and positions WOO as a reliable and secure trading platform.
Strengthening trust through compliance and robust account security
At WOO X, safeguarding the integrity of our platform goes hand in hand with protecting our users. This means not only implementing strict regulatory compliance measures but also empowering traders with advanced account security tools. From thorough AML and KYC procedures to layered authentication features, WOO X is committed to creating a secure and trustworthy trading environment where your assets and personal information are always protected.
AML, KYC, and Fraud Detection
Protecting the WOO X ecosystem starts with strict adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures. These protocols are designed to prevent illicit activities and ensure that every user on the platform meets regulatory standards. By verifying identities and monitoring transactions closely, WOO X creates a safer trading environment that deters fraud and supports compliance with global financial regulations.
Active monitoring
In addition to robust onboarding checks, WOO employs active monitoring of trading behaviors to detect and prevent suspicious or fraudulent activities in real time. This proactive approach helps identify anomalies early, protecting both individual users and the wider community from potential risks.
Account security features
WOO X takes account security seriously, implementing multiple layers of protection to safeguard user access and assets. Mandatory Two-Factor Authentication (2FA) via Google Authenticator is required for all account logins, significantly reducing the risk of unauthorized access.
To combat phishing attacks, WOO X offers an anti-phishing code feature that lets users verify the authenticity of official communications, ensuring they never fall victim to fraudulent messages. The platform’s address book functionality allows users to whitelist trusted withdrawal addresses, adding an extra layer of security by preventing unauthorized transfers to unknown destinations.
Protection of sensitive operations
Further enhancing protection, WOO X requires withdrawal and trading passwords for sensitive operations. These additional authentication steps ensure that even if login credentials are compromised, critical actions like fund transfers and order placements remain secure.
Real-time risk and incident management
WOO X takes a proactive stance on risk by employing a 24/7 risk monitoring system that continuously tracks platform health and external threats. This around-the-clock vigilance allows the team to detect and respond to emerging risks swiftly, minimizing potential impacts on user funds and trading activities.
When incidents arise, WOO X’s rapid response capabilities kick into action, mitigating threats before they escalate. During high risk security events, the platform maintains transparency and provides updates to keep the community informed and reassured.
This real-time risk and incident management framework ensures that WOO X not only prevents issues but also handles them decisively when they occur, safeguarding both the platform’s integrity and its users’ assets at all times
Your secure treading journey on WOO X and WOOFi
WOO X’s security is built on a multi-layered approach that combines advanced custody solutions, strict compliance, continuous monitoring, and powerful user protections. Transparency, trust, and relentless vigilance are the pillars that uphold our commitment to safeguarding your assets and data every step of the way.
We invite you to take full advantage of WOO X’s comprehensive security features—from two-factor authentication and withdrawal safeguards to real-time risk monitoring and proof of reserves. Stay informed, stay protected, and trade with confidence knowing that WOO X is dedicated to making your crypto journey as safe and seamless as possible.
Ready to experience secure trading backed by cutting-edge technology and unwavering commitment?
Your secure crypto future starts here with WOO X and WOOFi.
Do you actively use all the security features available?
Your security is only as strong as the measures you take.
At WOO X, we provide a comprehensive suite of tools designed to protect your account and assets— but it’s up to you to activate and use them. Don’t leave your crypto safety to chance; take control today and trade with confidence knowing you’ve fortified your account against threats.
Take action today
Enable Two-Factor authentication (2FA): Add an essential extra layer of protection by requiring a time-sensitive code from your mobile device every time you log in. This simple step drastically reduces the risk of unauthorized access.
Check our proof of reserves
Stay informed and confident by regularly reviewing WOO X’s live proof of reserves dashboard. Transparency is key to trust, and this tool lets you verify that your assets are fully backed and secure.
By actively engaging with these features, you’re not just protecting your assets—you’re joining a community committed to safe, transparent, and trustworthy crypto trading.
FAQ
Q: How does WOO X keep my crypto assets safe?
A: WOO X partners with Fireblocks to provide institutional-grade custody, leveraging multi-party computation (MPC) technology, insured wallets, and continuous real-time monitoring to safeguard your funds against cyber threats.
Q: Can I verify WOO X’s solvency?
A: Absolutely. WOO X offers a live proof of reserves dashboard that updates every 15 minutes, allowing you to independently verify that all user assets are fully backed and secure.
Q: What should I do to maximize my account security?
A: To enhance your security, enable Two-Factor Authentication (2FA), set up withdrawal and trading passwords, whitelist trusted withdrawal addresses using the address book feature, and regularly check for security updates from WOO X.
Q: How does WOO X respond to threats or network attacks?
A: WOO X maintains 24/7 risk monitoring and employs rapid incident response protocols. In the event of a threat, the team acts swiftly to protect user funds, temporarily restricts sensitive operations if needed, and keeps users informed with transparent communication
Q: How does WOO X ensure compliance with regulations?
A: WOO X follows strict AML (Anti-Money Laundering) and KYC (Know Your Customer) procedures to prevent illicit activities. These processes protect the ecosystem and comply with global financial regulations.
Q: What is the role of the bug bounty program in WOO X’s security?
A: Our active bug bounty program invites white-hat hackers to identify vulnerabilities in the platform. This community-driven approach helps us continuously improve security by fixing issues before they can be exploited.
Q: How does WOO X protect against DDoS and other external attacks?
A: WOO X uses Google Armor DDoS advanced protection and traffic filtering services to block millions of attack attempts monthly, ensuring platform stability and uninterrupted access for users.
