Indian crypto exchange Unocoin: anomalous on-chain transactions bypassed BitGo platform for signing and broadcast, asset losses under investigation

According to 深潮 TechFlow, on November 13, Indian cryptocurrency exchange Unocoin released an update on its incident investigation, stating that it has received the necessary information and explanations from custody service provider BitGo. BitGo froze its corporate account on November 6 at Unocoin's request, and the freeze has been confirmed to be effective as expected.

Unocoin stated that the transactions involved were not executed through the BitGo platform, but were directly signed externally and broadcast to the blockchain network. Preliminary investigation indicates that BitGo's multisig wallet backup mechanism, originally intended to ensure user asset access when the service provider was unable to provide services, may have been exploited.

Currently, Unocoin is further investigating the specific attack mechanism, cryptocurrency asset losses, and information privacy risks, while service restoration efforts are ongoing.

Source: 深潮 TechFlow