Update (Nov. 13, 2026, 12:30 pm UTC): This article has been updated to include BitGo’s response and clarify that the account freeze applied to activity routed through BitGo’s platform.
Indian cryptocurrency exchange Unocoin has kept deposits and withdrawals suspended as it investigates suspicious wallet transfers and a breach of its own systems.
BitGo froze Unocoin’s enterprise account on Nov. 6 at the exchange’s request. Unocoin said the freeze appeared to have worked as intended and that the transfers were signed and broadcast onchain outside BitGo’s platform, according to its Friday update.
“Our review found that the transaction examined was signed using the user and backup keys held by Unocoin and broadcast externally onchain, without BitGo’s participation. BitGo’s systems were not breached in connection with that transaction,” BitGo said in a statement to Cointelegraph.
The company said the freeze applied only to activity routed through its platform and that the transfers were signed using keys Unocoin held outside BitGo’s systems.
Unocoin said it was investigating possible use of the wallet’s backup signing option and whether any cryptocurrency was lost. The exchange did not respond to Cointelegraph’s request for more information before publication.
Unocoin first detected unauthorized activity on Nov. 6 and suspended all services on Monday after detecting further activity. On Thursday, it disclosed outgoing transfers from an Ethereum address associated with its BitGo wallets and said its infrastructure had been compromised.
A Nov. 5 warning from India’s cybersecurity agency described an AI-assisted campaign targeting crypto exchanges and other financial firms. No connection to Unocoin’s incident has been established.
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