Question 1

What did BitGo tell Unocoin about the frozen account?

Accepted Answer

BitGo confirmed that Unocoin's enterprise accounts were frozen on instruction on November 6 and that the freeze functioned as intended, according to Unocoin's November 13 update. BitGo said the disputed transactions were signed and broadcast on-chain externally, without using its platform.

Question 2

How could funds move if the account was frozen?

Accepted Answer

Unocoin says a backup mechanism in BitGo's multisignature wallets appears to have been exploited. BitGo's own docs describe a Wallet Recovery Wizard that uses the user key and backup key to move assets without BitGo and bypass its policies.

Question 3

Did Unocoin lose customer funds?

Accepted Answer

Unocoin has not confirmed any loss and says more than 90% of customer crypto is in cold storage. A November 12 report found about 80,986 Unocoin-linked Arkham addresses showing zero, but those wallets had held only small balances historically.

unocoin

India’s oldest crypto exchange Unocoin points to BitGo backup mechanism after breach

One sharp brief.
Every day.

unocoin

India’s oldest crypto exchange Unocoin points to BitGo backup mechanism after breach

One sharp brief.Every day.

One sharp brief.
Every day.