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Unocoin blocks exchange access after unauthorized BTC transactions

Unocoin, a popular India-based bitcoin exchange has announced to the public that yesterday on Sunday, August 6th, they were informed of some “small” unauthorized transactions of 0.25 BTC each happening from a few of its user wallets. This amount equals around 52202.71 Indian rupees and approximately $800 USD, maybe small to some but perhaps not to others.

Notwithstanding, at a seconds notice, their security team looked into the matter and stopped all pending transactions and blocked access to the website. The Unocoin team is now reporting that after having investigated the issue, the event does not look to be a server compromise.

Company security protocol saw to it that after a few of these transactions, their server identified the pattern and stopped the subsequent transactions by marking them as pending. The Unocoin security team is now working on canceling the pending transactions for users.

Unocoin has taken it upon itself the responsibility to refund the few transactions that happened to get processed.

If you remember back in June, Unocoin redid its server infrastructure after discovering a vulnerability on its platform due to migrating servers, this caused the exchange to be down for four days straight.

Sathvik Vishwanath, Co-Founder, and CEO, Unocoin said:

“We will soon enable user Logins shortly. The Send feature will be enabled once our security experts feel that it is perfectly safe to do so. Rest assured, we are working round the clock to fix the issue and resume to normalcy.”

At the time of writing it looks as if service has returned to normal. If anything else occurs or comes out we will update the situation here.



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