Indian cryptocurrency exchange Unocoin: Abnormal on-chain transactions bypassing the BitGo platform for signing and broadcasting are under investigation for asset loss

The Indian cryptocurrency exchange Unocoin has released an update on the event investigation, stating that it has received the necessary information and explanations from the custodian service provider BitGo. BitGo has frozen its corporate account as requested by Unocoin on November 6, and it is currently confirmed that the freeze measures are in effect as expected.

Unocoin stated that the transactions in question were not executed through the BitGo platform, but were completed externally with direct signing and broadcasting to the blockchain network. Preliminary investigations indicate that the BitGo multi-signature wallet, originally intended as a backup mechanism to ensure user asset access when the service provider is unable to provide services, may have been exploited.