Nicholet R.TL;DR
- Unocoin has kept deposits and withdrawals suspended while investigating transfers from BitGo-linked wallet infrastructure that were signed and broadcast outside BitGo’s platform.
- BitGo’s enterprise account freeze worked as intended, while Unocoin suspects a multisignature wallet backup mechanism may have been misused.
- The exchange has not confirmed any cryptocurrency loss or reopening date and continues examining the transaction path, affected systems and whether customer information or digital assets were potentially exposed.
Unocoin has kept deposits and withdrawals suspended while investigating suspicious transfers linked to its BitGo wallet infrastructure. In an official update, the Indian cryptocurrency exchange said BitGo froze its enterprise account on November 6 at Unocoin’s request and that the restriction worked as intended. The disputed transactions were instead signed and broadcast directly onchain outside BitGo’s platform. The investigation is focused on how those transfers were authorized, not on a confirmed failure of BitGo’s account freeze, while Unocoin has not established any cryptocurrency loss.
Update on 13 November 2026
Our team received all the needed information and clarifications from BitGo. They froze Unocoin's enterprise as per our instructions on 6th November 2026, and it is so far found that the freeze has functioned as intended. Technically, transactions in…
— Unocoin: India’s Bitcoin & Crypto Exchange (@Unocoin) November 13, 2026
Update on 13 November 2026
Our team received all the needed information and clarifications from BitGo. They froze Unocoin's enterprise as per our instructions on 6th November 2026, and it is so far found that the freeze has functioned as intended. Technically, transactions in…
— Unocoin: India’s Bitcoin & Crypto Exchange (@Unocoin) November 13, 2026
Unocoin Examines BitGo Wallet Recovery Mechanism
Unocoin said BitGo’s multisignature wallet setup includes a backup mechanism designed to preserve access to funds if BitGo becomes unavailable. The exchange believes that mechanism may have been misused, but has not determined how the transfers occurred or which credentials were involved. The suspected recovery path remains under investigation and does not yet establish the mechanism of compromise. The distinction matters because the transactions bypassed BitGo’s platform even though the enterprise account itself remained frozen, adding another layer to the security questions surrounding crypto custody.
The latest update follows unauthorized activity first detected on November 6. Unocoin later found additional suspicious activity and suspended services, including user logins, before identifying outgoing transactions from an Ethereum address connected to its BitGo wallet infrastructure. The address had previously been used to fund ERC-20 token operations. Unocoin has not disclosed a verified loss amount and continues examining whether digital assets or customer information were affected. That uncertainty makes the case different from incidents where losses are immediately confirmed, while still illustrating why withdrawal freezes during suspicious transfers can become part of an exchange’s containment response.
Unocoin has not announced a date for restoring deposits or withdrawals. User logins and trading also remain unavailable while the infrastructure investigation continues, according to Unocoin. The exchange said services will resume only after its investigation and security checks are completed. More than 90% of customer cryptocurrency funds remain in cold storage, according to the company, although that statement does not resolve what happened to the transfers under review. The operational priority is now determining the transaction path and validating the integrity of systems before reopening services. The incident also underscores the role of cold-storage safeguards when exchanges isolate operational wallets during security investigations, while users await a definitive account of the BitGo-linked movements.
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