Unocoin Suspends Services Amid Investigation of Unauthorized Transactions

Indian cryptocurrency exchange Unocoin has temporarily halted all services, including user logins, as it investigates unauthorized transactions involving its BitGo wallet infrastructure. The incident began on November 6, 2026, when Unocoin detected suspicious activity and immediately requested freezes on its enterprise accounts with BitGo and Fireblocks.

BitGo has clarified that its systems were not compromised, stating that the unauthorized transactions were executed using Unocoin’s own user and backup keys, without BitGo’s key being involved. This has shifted the focus of the investigation back to Unocoin itself, which has reported that over 90% of customer assets are stored in cold storage, minimizing potential losses.

Despite this claim, Unocoin has admitted it lacks full visibility into all transactions due to the complexity of change addresses, which complicate tracking funds. The exchange has also noted that the unauthorized transactions may have been executed through a recovery feature in BitGo’s multisignature wallet, raising questions about the security of such mechanisms.

Unocoin is currently rebuilding its entire server infrastructure, a process expected to take four to five working days. Until the investigation concludes and systems are restored, customers will remain unable to access their accounts.