Unocoin suspects BitGo multisig backup exploit bypassed account freeze
Indian crypto exchange Unocoin reported that unauthorized transactions were executed outside BitGo's platform through an apparent exploit of a multisig wallet backup access mechanism.
Indian cryptocurrency exchange Unocoin disclosed that attackers appear to have exploited a backup access mechanism associated with its BitGo multisignature wallets, according to a company statement shared on November 13, 2026. The announcement follows initial reports on November 12 citing blockchain analytics firm Arkham that Unocoin had suffered a hack.[1][2][3][4]
Unocoin stated that BitGo froze the exchange's enterprise account per its instructions on November 6, 2026, and that the freeze functioned as intended. Despite the freeze, the disputed transactions were signed and broadcast directly on-chain without the involvement of BitGo's platform.[1][3]
The exchange explained that BitGo's multisig architecture includes a backup feature designed to let clients retrieve assets independently if BitGo ever becomes unavailable. Unocoin said it is continuing to investigate the exploit, assess the scope of lost cryptocurrency, review information privacy impacts, and work on restoring its services.[1][3]
Key facts
- Arkham data indicated on November 12, 2026, that Indian exchange Unocoin was reportedly hacked.
- BitGo froze Unocoin's enterprise account on November 6, 2026, following instructions from the exchange.
- Unocoin stated that the BitGo account freeze functioned as intended, but transactions were signed and broadcast externally on-chain without BitGo's platform.
- Unocoin suspects a backup access mechanism built into BitGo multisig wallets was exploited.
- Unocoin is investigating the exploit mechanism, the loss of cryptocurrency, and information privacy while working to bring services back online.
Sources 路 3 sources
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Cointelegraph@CointelegraphPost on X 路
馃毃 ALERT: Unocoin suspects BitGo's multisig backup was exploited, allowing onchain transfers despite its account freeze. https://t.co/LAApkicgJ2
Open source - SI
Solid Intel 馃摗@solidintel_xPost on X 路
INTEL: Indian crypto exchange Unocoin reportedly hacked Data: Arkham
Open source - TW
The Wolf Of All Streets@scottmelkerPost on X 路
馃嚠馃嚦 INDIAN CRYPTO EXCHANGE UNOCOIN SAYS A BACKUP ACCESS MECHANISM ON ITS BITGO MULTISIG WALLETS SEEMS TO HAVE BEEN EXPLOITED UNOCOIN SAYS THE TRANSACTIONS WERE SIGNED AND BROADCAST OUTSIDE BITGO'S PLATFORM AND IT IS STILL INVESTIGATING THE LOSS OF CRYPTO https://t.co/I2hMu8xnNh
Open source - SI
Solid Intel 馃摗@solidintel_xPost on X 路
INTEL: Indian exchange Unocoin says BitGo multisig backup feature was likely exploited in hack
Open source