Unocoin flags untraced BitGo transactions as post-breach lockout continues
Indian crypto exchange Unocoin flagged outgoing Ethereum transactions from its frozen BitGo wallet infrastructure following a server breach, while reiterating that no user funds have been lost.
Indian cryptocurrency exchange Unocoin has flagged outgoing transactions from an Ethereum address within its BitGo wallet infrastructure, disclosing that it cannot fully trace the activity on-chain. The exchange, which suspended all platform services on Nov. 9 following an infrastructure breach, stated that its BitGo enterprise accounts remain frozen and that BitGo's reliance on change addresses prevents full visibility into potentially unintended transactions. Unocoin noted it has requested transaction-level details from the custody provider.[1][2][4]
In a statement to Unchained, BitGo stated that its systems were not breached and that its enterprise account freeze functioned as intended. BitGo explained that the transaction was broadcast on-chain without BitGo's participation after being signed using user and backup keys held directly by Unocoin, which an enterprise freeze cannot prevent. Neither Unocoin nor BitGo disclosed the transfer amounts or destination addresses involved.[1]
The incident began after Unocoin detected unauthorized activity on Friday, Nov. 6, prompting account freeze requests with Fireblocks and BitGo. Following further unauthorized activity on Nov. 9, the platform halted logins to rebuild its servers from scratch over four to five working days. Despite Arkham data showing zero balances across 81,000 linked addresses, Unocoin has denied that customer funds were stolen, stating that more than 90% of user crypto is held in cold storage and maintaining that no user funds have been lost.[1][3][5][6]
Key facts
- Unocoin flagged outgoing Ethereum transactions from its BitGo wallet infrastructure that it could not fully trace on-chain.
- BitGo stated that its systems were not breached and that the transaction was executed using user and backup keys held by Unocoin.
- Unocoin suspended all services on Nov. 9 after an infrastructure breach and announced it is rebuilding its servers from scratch.
- Unocoin stated that more than 90% of the crypto it holds for users is in cold storage and maintained that no user funds have been lost.
- Arkham data showed zero balances across 81,000 addresses linked to Unocoin.
Sources · 6 sources
- UN
UnchainedArticle ·
Unocoin Says One of Its BitGo Addresses Sent Out Transactions It Can’t Trace Indian crypto exchange Unocoin said Thursday that it found outgoing transactions from one of its Ethereum (ETH) addresses in its BitGo wallet infrastructure, an address it used to fund ERC-20 tokens (tokens issued on Ethereum under a common standard). It disclosed the finding in an update to its incident post, three days after suspending all services. Unocoin said it escalated the matter to BitGo, a custody provider (a firm that holds and secures crypto on behalf of clients), and that BitGo opened an investigation into how the transactions were executed. According to Unocoin, BitGo “confirmed that the matter is being treated as a priority.” In a statement sent to Unchained after this article was published, BitGo said it froze Unocoin’s enterprise accounts days before the transaction and that “the freeze functioned as intended.” BitGo said its review found that the transaction “was signed using the user and backup keys held by Unocoin” and broadcast onchain without BitGo’s participation. BitGo said its systems were not breached in connection with the transaction. According to BitGo, the enterprise freeze restricts activity through BitGo but “does not prevent transactions independently signed and broadcast using the user and backup keys.” BitGo’s statement refers to a single transaction, while Unocoin’s update describes “outgoing transactions.” Neither gives an amount. The update gives no amount , transaction count, destination address or cause. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . What Unocoin Says It Can’t See Unocoin said its BitGo enterprise accounts remain frozen and it cannot log in to them. It said in the update that BitGo relies on change addresses, fresh addresses a wallet creates to hold the leftover balance from a transaction, for “a significant part” of its wallet architecture, so the exchange cannot fully trace the activity on the blockchain either. The exchange wrote that “we currently do not have complete visibility into all potentially unintended transactions across our BitGo wallets.” It said it has asked BitGo for transaction-level details. The post also said more than 90% of the crypto Unocoin holds for customers is in cold storage , meaning wallets kept offline. It did not say whether any user balances were affected. How the Incident Unfolded Unocoin said it detected unauthorized activity on Friday, Nov. 6, and asked the two service providers that hold its day-to-day crypto balances to freeze its enterprise accounts: Fireblocks at 11:24 UTC and BitGo at 11:29 UTC . Both confirmed, and no losses had been identified then, it said. After more unauthorized activity on Monday, Nov. 9, it suspended all services, and its investigation found its infrastructure “had been compromised.” It is rebuilding its servers from scratch, which it expects to take about four to five working days, and has not established the root cause. Unocoin’s disclosure follows another incident at an Indian exchange: in October, CoinDCX said it absorbed losses after a failed sweep of addresses compromised in its 2025 hack. Unchained’s Read On X, Unocoin told users on Nov. 9 that no crypto funds had been lost, and wrote in a Thursday reply , posted about two and a half hours before its blog update was last revised, that “no user funds have been lost.” That blog update says Unocoin cannot log in to its BitGo accounts and lacks complete visibility into their transactions, and puts no figure on what left them. *Update, Friday, Nov. 13, 2026, 10:48 a.m. ET: This article was updated to include a statement from BitGo. Related Listen: Why One Infected Laptop Led to the Largest Hack in History The post Unocoin Says One of Its BitGo Addresses Sent Out Transactions It Can’t Trace appeared first on Unchained .
Open source - TB
The BlockArticle ·
Unocoin ‘login suspension’ continues as exchange flags outgoing BitGo ETH transactions Indian crypto exchange Unocoin flagged outgoing BitGo ether transactions as a multi-day login suspension continues.
Open source - CN
crypto.news@cryptodotnewsPost on X ·
JUST IN: India's oldest crypto exchange Unocoin suspends logins following a server breach. The platform says no customer funds were lost, but Arkham data reportedly shows zero balances across 81,000 linked addresses. https://t.co/1uGF9ga83U
Open source - TB
The Block@TheBlockCoPost on X ·
THE BLOCK: Unocoin users remain unable to log in as the Indian exchange flags outgoing transactions from a BitGo ETH wallet. The exchange says it cannot establish the full extent of potentially unintended transactions across its frozen BitGo wallets. https://t.co/kkbZHZsWwG
Open source - DN
DEGEN NEWS@DegenerateNewsPost on X ·
NEW: INDIAN CEX @Unocoin DENIES "ALL FUNDS STOLEN" CLAIMS AS ITS SERVICES REMAIN SUSPENDED AFTER A NOV 9 SERVER BREACH IT SAYS "NO USER FUNDS HAVE BEEN LOST" AND CALLS THE SUSPENSION "A PROACTIVE SECURITY MEASURE" https://t.co/KEJXxXVI0e
Open source - CP
Crypto Patel@CryptoPatelPost on X ·
Unocoin Security Breach Raises Concerns! India's crypto exchange @Unocoin disabled logins after unauthorized server access on November 9. Now, 81,000+ linked wallet addresses reportedly show $0 balances on Arkham. Unocoin says no customer crypto was lost. If the funds are safe, can the exchange prove where they are?
Open source