Exchanges
Neutral
Unocoin suspends deposits and withdrawals amid BitGo wallet investigation
Image: CointelegraphIndian exchange Unocoin has kept deposits and withdrawals halted while probing suspicious transfers linked to its BitGo custodial wallet. BitGo froze Unocoin's enterprise account on Nov 6 at the exchange's request and the freeze functioned as intended. The investigated transactions were signed and broadcast outside BitGo's platform, possibly through a recovery feature. Unocoin has not confirmed any loss of assets and has not set a date to resume services.
Key points
- Unocoin has suspended all deposits and withdrawals while investigating the activity.
- BitGo froze the exchange's enterprise account on Nov 6 at Unocoin's request and the freeze worked as intended.
- The suspicious transactions were signed and broadcast outside BitGo's platform, possibly using a recovery feature.
- Unocoin has not confirmed any loss of customer funds and has not announced when services will resume.
Why it matters
The suspension affects users' ability to move crypto on a major Indian platform and highlights risks in custodial wallet recovery mechanisms.
What's unclear
It is not known whether the recovery feature was actually exploited to authorize the transfers.
The extent of any potential loss of customer assets remains undetermined.
Sources · 2 publishers
Bitcoinist
Tier 2
Unocoin Suspends Withdrawals After Suspicious BitGo Wallet Transfers
Coverage timeline
- First reported by Cointelegraph
- Also reported by Bitcoinist
- CryptoVideos brief published
How this page is checked. AI drafted this brief from selected independent reports. Automated checks compare numbers, source coverage and topic terms, but may miss errors. Publication and evidence refreshes run automatically. Read the linked reports for context. Report an error
