Unocoin Flags Outgoing ETH From BitGo Address as Lockout Continues
Unocoin says ether moved out of a BitGo address six days after it asked BitGo to freeze its enterprise account. BitGo has opened an investigation, the amount and destination are undisclosed, and users remain locked out while a server rebuild runs four to five working days.
Six days after Unocoin asked BitGo to freeze its enterprise account, the Indian exchange says ether has moved out of a BitGo address tied to it. Unocoin flagged the outgoing transactions on Thursday, Nov. 12. Users are still locked out.
The exchange said it escalated the activity to BitGo immediately, and BitGo opened an investigation. No size, no destination: Unocoin has not said how much ETH moved or where it went.
Timeline of the incident
The trouble dates to Nov. 6. That day Unocoin detected unauthorized access and took precautionary steps. The BitGo account was frozen at 11:24 UTC, Fireblocks at 11:29 UTC. Further unauthorized activity pushed Unocoin to suspend all services and user logins on Monday, Nov. 9.
"As part of these measures, we requested an immediate freeze of our enterprise accounts with BitGo and Fireblocks, which hold cryptocurrency balances required to facilitate our day-to-day crypto transactions,"
Unocoin said in its incident report.
The new transactions went out despite that freeze request. Unocoin says it cannot log in to the frozen accounts, and BitGo's use of change addresses limits what it can verify on-chain.
"We currently do not have complete visibility into all potentially unintended transactions across our BitGo wallets,"
the exchange said.
Funds: claims and contradictions
Unocoin says more than 90% of customer crypto sits in cold storage and that no funds were lost. The public data is harder to read. Onchain Lens wrote on X that Arkham shows $0 across about 81,000 tracked Unocoin addresses, and that the website returned a 504 error. Unocoin has not confirmed those wallets were drained.
The 90% figure leaves open what happened to the rest, held in hot or custodial wallets. BitGo's probe will shape how credible the no-funds-lost claim looks.
A user, @RDblaz3, asked Unocoin on X whether funds could be recovered. Unocoin replied that it would not give an assurance based on assumptions until transaction-level details are verified.
What comes next
Unocoin estimates a server rebuild from scratch will take four to five working days. The investigation into the breach, potential data exposure and user holdings is ongoing. The exchange has not released a comprehensive incident report with a login date.
Three open questions for users: the size of the ETH outflow, its destination, and whether BitGo's investigation backs the cold storage claim. Until transaction-level data is verified, Unocoin is not promising recovery.
