Unocoin Withdrawals Remain Halted Amid Crypto Transfer Probe

Unocoin Withdrawals Remain Halted Amid Crypto Transfer Probe

Indian crypto exchange Unocoin keeps deposits and withdrawals halted as it investigates suspicious transfers and possible misuse of BitGo’s wallet backup feature.

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 secure…

Unocoin Probes Suspected BitGo Wallet Recovery Exploit

Indian cryptocurrency exchange Unocoin is investigating whether a recovery mechanism in BitGo multisignature wallets was exploited to execute unauthorized cryptocurrency transfers, as its platform remains suspended following a security breach detected on November 6. In a November 13 update, Unocoin said BitGo had confirmed that its enterprise account was frozen as requested and that the freeze appeared to have worked as intended. However, transa…

Unocoin Halts Deposits and Withdrawals While Probing Suspicious BitGo-Linked Transfers

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 ...

Unocoin says BitGo freeze held, but a backup key let funds leave on-chain

Unocoin says crypto left one of its wallets even though it froze its BitGo account in its latest update on the exploit it suffered. Unicoin thinks a backup recovery path in BitGo’s (NYSE: BTGO) multisignature wallets was used to move its funds, but it does not know who the perpetrator is.  How did crypto leave a wallet that was frozen? Unocoin asked BitGo to freeze its company accounts on November 6 after it spotted suspicious activity. Its blog…