Cryptocurrency exchange Unocoin halts operations after suspicious transfers

The Indian cryptocurrency exchange Unocoin continues to block account deposits and withdrawals amid an investigation into unauthorized transactions. Suspicious activity was first detected on November 6, 2026, after which the company requested the freezing of corporate accounts from custodial providers BitGo and Fireblocks. Despite the measures taken, on November 9, the exchange identified new signs of unauthorized access and temporarily halted all services.

BitGo denies breach of its platform

On November 12, Unocoin reported the detection of outgoing transactions from an Ethereum address associated with its BitGo wallet infrastructure. Preliminary investigations revealed that the transfers were signed and sent directly to the blockchain without using the custodian's platform.

Representatives of BitGo stated that the company's systems were not breached and its security functions operated normally. According to the provider, the disputed operations were carried out using keys controlled by Unocoin outside of BitGo's infrastructure. The freeze on the corporate account only applied to transactions passing through the custodian's platform.

Unocoin is considering the possibility of improper use of the backup signing mechanism provided in BitGo's multi-signature wallets. This feature allows the owner to maintain access to digital assets even when the custodial service is unavailable. However, the exact method of conducting transactions and the presence of possible financial losses have not yet been established.

When Unocoin will resume operations

The exchange confirmed the compromise of its server infrastructure and decided to completely rebuild it instead of restoring the existing system. According to the company's preliminary estimate, technical work will take about four to five working days, but the exact date for resuming user services has not been announced.

According to Unocoin's statement, more than 90% of client cryptocurrency assets are stored in cold storage. The company continues to verify the status of funds in collaboration with BitGo and Fireblocks, as well as to determine the extent of possible access to internal data. Services will be restored after the necessary security checks are completed.