Indian Crypto Exchange Unocoin: Unusual On-Chain Transactions Bypass BitGo Platform for Signing and Broadcasting, Currently Investigating Asset Loss

on November 13, Indian cryptocurrency exchange Unocoin released progress on its incident investigation, stating it has received the necessary information and explanations from custodian BitGo. Following Unocoin's request, BitGo froze its corporate account on November 6, and the freeze measures have now been confirmed to take effect as intended.

Unocoin stated that the transactions in question were not executed via the BitGo platform, but were signed externally and broadcast directly to the blockchain network. Initial investigations suggest that BitGo's multi-signature wallet backup mechanism, originally designed to ensure access to user assets when the service provider was unavailable, may have been exploited.

Currently, Unocoin is conducting further investigations into the specific attack mechanisms, crypto asset losses, and information privacy risks, while related service restoration efforts remain underway.