Key Facts
Unocoin said that on Nov. 12 it identified outgoing transactions from one Ethereum address in its BitGo wallet setup, an address it used to fund ERC-20 tokens.
The exchange had asked BitGo and Fireblocks to freeze its accounts on Nov. 6 after detecting unauthorized activity, and suspended all services on Nov. 9.
Unocoin said it is still establishing the status of its holdings and that more than 90% of customer crypto is held in cold storage.
Unocoin said that on Nov. 12 it identified outgoing transactions from one Ethereum address in its BitGo wallet setup, an address it used to fund ERC-20 tokens.
The exchange had asked BitGo and Fireblocks to freeze its accounts on Nov. 6 after detecting unauthorized activity, and suspended all services on Nov. 9.
Unocoin said it is still establishing the status of its holdings and that more than 90% of customer crypto is held in cold storage.
The transactions, identified on Thursday, came from one of the ETH addresses Unocoin used to fund ERC-20 tokens, the exchange said. It escalated the finding to BitGo, which has opened an investigation into how the transactions could have been executed.
Accounts Frozen, Services Suspended
Unocoin said it detected unauthorized activity on Nov. 6 and asked BitGo and Fireblocks, which hold the balances used for day-to-day crypto transactions, to freeze its enterprise accounts. Its update lists times of 11:24 UTC for Fireblocks and 11:29 UTC for BitGo that day, and it said both providers confirmed the accounts were frozen.
After further unauthorized activity on Nov. 9, Unocoin suspended all services. Its investigation later found that its infrastructure had been compromised, and it is rebuilding its servers from scratch, which it expects to take about four to five working days.
On Nov. 9, before the BitGo finding, Unocoin said on X that "no crypto funds have been lost." Its Nov. 12 update said no loss had been identified at the time of its initial security measures and that it is still establishing the complete status of its holdings.
