Unocoin Says It Cannot Yet Confirm the Full Damage as Unauthorised Transfers Surface From Its BitGo Wallet

Published November 12, 2026, 11:50 PM PKT. Based on Unocoin's own security incident update published on November 12, 2026 (primary source) and reporting from Bitcoin.com, Blockonomi, CryptoCompass and The Crypto Guide the same day (secondary sources). Market data from CoinGecko, November 12, 2026.

Unocoin, India's oldest cryptocurrency exchange, said on Thursday, November 12, that it cannot yet establish the full extent of unintended transactions from its BitGo wallets, three days after it suspended all services and disabled customer logins over unauthorised access to its servers.

The admission came in a detailed update the exchange published on its own blog, its first substantive statement since November 9. It marks a sharp change in tone from that earlier message, which assured customers that no cryptocurrency funds had been lost. Unocoin now says it does not have complete visibility into what left its BitGo wallets, and it is waiting on BitGo to supply transaction-level detail.

The BitGo wallet finding

The new development is a set of outgoing transactions Unocoin identified on November 12 from one of the Ethereum ($ETH) addresses in its BitGo wallet infrastructure, which it used to fund ERC-20 tokens. The exchange said it immediately escalated the finding to BitGo, whose team has started an investigation into how the transactions could have been executed. BitGo has confirmed the matter is being treated as a priority, Unocoin said, and the exchange is awaiting its findings.

Unocoin was blunt about why it cannot yet say how much moved. Its BitGo enterprise accounts remain frozen, and it is currently unable to log in to the frozen accounts. A significant part of BitGo's wallet architecture uses change addresses when processing transactions, so the exchange cannot fully check the flows on the blockchain either. "Consequently, we currently do not have complete visibility into all potentially unintended transactions across our BitGo wallets," the update said.

The exchange has asked BitGo for the transaction-level details and clarification needed to establish the full picture, and said it will share further information as soon as the details become available and have been verified. No loss figure was given, and no timeline was offered for BitGo's findings.

A rebuild from scratch, not a restart

Unocoin also said it has decided to rebuild its entire server infrastructure from the ground up rather than attempt to restore the existing environment, a step that signals the company does not trust the compromised systems to be cleaned and reused. The exchange estimates the work will take approximately 4 to 5 working days, followed by comprehensive security checks and validation before services resume. That is an estimate, not a promised reopening date.

The update laid out the incident timeline in full for the first time. Unocoin detected unauthorised activity on Friday, November 6, and immediately asked for freezes on its enterprise accounts with BitGo and Fireblocks, which hold the cryptocurrency balances used for day-to-day transactions. The Fireblocks freeze was initiated at 11:24 UTC and the BitGo freeze at 11:29 UTC the same day, and both providers confirmed the accounts were frozen and no further transactions could be initiated through their platforms. At that point, Unocoin said, no loss of cryptocurrency funds had been identified, and no crypto is kept on its own servers directly.

Despite rechecking and strengthening several apparent vulnerabilities, the exchange detected further unauthorised activity on Monday, November 9, and suspended all services immediately. Its investigation has since established that its infrastructure had been compromised, though the full extent of the compromise, including the systems accessed and the information potentially exposed, is still being investigated. The exact root cause and the complete sequence of events have not yet been established, the update said.

The 81,000 empty wallets

The uncertainty around the exchange's holdings is what drew outside attention to the incident. Blockchain tracking account Onchain Lens posted on November 12 that Arkham Intelligence showed about 81,000 addresses linked to Unocoin with a combined value of zero and the message "No assets found," Bitcoin.com reported. The exchange's website was returning a 504 Gateway Time-out error the same day, and users have now been locked out for a fourth day with no date given for restoring accounts, according to Blockonomi.

The Arkham reading does not prove funds were stolen. It cannot confirm whether Unocoin holds customer funds in other wallets, and Unocoin itself says more than 90 percent of the cryptocurrency funds it holds for customers are maintained in cold storage. That figure is a company statement, not an independent audit or a confirmed reconciliation of holdings, and it does not by itself resolve the open question of what left the BitGo hot-wallet infrastructure.

Unocoin has not answered questions about the wallet data. Crypto.news reported that it contacted the exchange for clarification about the security incident, its reserves and the website disruption but had not received a response at press time, and the company has continued to repeat on social media that customer funds are safe without giving a restoration date.

What the earlier assurance does and does not cover

The November 12 update quietly narrows the reassurance Unocoin gave on November 9, when it said no crypto funds had been lost. That statement described what had been identified at the time the first freezes were imposed, before the second wave of unauthorised activity, before the BitGo finding, and before the exchange conceded it lacks full visibility. As The Crypto Guide noted in its coverage, the earlier assurance should not be read as a current all-clear while the investigation is unresolved.

The distinction matters for Unocoin's customers, who cannot log in, trade or withdraw while services stay suspended, and who have no verified loss figure and no reopening date. India has seen this pattern before at larger scale: WazirX, another Indian exchange, lost more than $230 million in a July 2024 hack, a precedent that makes independent verification of Unocoin's holdings particularly important, as Bitcoin.com noted.

The market context

The incident has unfolded on a weak week for crypto markets. Bitcoin ($BTC) traded near $72,300 on November 12, down about 1.8 percent over 24 hours, while Ethereum ($ETH) hovered near $2,045, according to CoinGecko. US spot Bitcoin ($BTC) exchange-traded funds recorded about $299.8 million in outflows on November 11, a fifth straight day of withdrawals, and spot Ethereum ($ETH) funds lost $144.8 million the same day. The Crypto Fear and Greed Index stood at 28, in Fear territory.

What to watch next

The next facts to watch are BitGo's findings on the outgoing Ethereum ($ETH) transactions, including how they were executed from a frozen account and how much moved, and whether Unocoin publishes a verified loss figure or a reconciliation of customer holdings. The rebuild timetable is the other marker: 4 to 5 working days from November 12 points to a possible restoration early next week, but only after security validation, and the exchange has promised further updates as findings are established. Until either lands, the core question from November 9 remains open: how much, if anything, left Unocoin's wallets.

Sources

• Unocoin, Security Incident Update, Unocoin 12 NOV, November 12, 2026 (primary source: unauthorised activity detected November 6, Fireblocks freeze 11:24 UTC and BitGo freeze 11:29 UTC, further activity November 9, services suspended, infrastructure compromised, rebuild from scratch estimated at 4 to 5 working days, outgoing transactions from a BitGo Ethereum address identified November 12, frozen accounts cannot be logged in to, no complete visibility into unintended transactions, more than 90 percent of customer funds in cold storage)
• Bitcoin.com, India's Unocoin Confirms Server Breach as Arkham Shows 81K Empty Wallets, November 12, 2026 (secondary source: Arkham shows about 81,000 Unocoin-linked addresses at zero, Onchain Lens post, website 504 error, more than 90 percent in cold storage, rebuild estimate)
• Blockonomi, Unocoin Users Locked Out for Fourth Day as Exchange Stays Silent on Empty Wallets, November 12, 2026 (secondary source: fourth day of lockout, no restoration date, Arkham zero balances, no independent confirmation of a link between the empty wallets and the breach)
• CryptoCompass, Unocoin hacked? Website remains down as 81,000 wallets show zero holdings, November 12, 2026 (secondary source: 504 error on November 12, Unocoin contacted without response, WazirX July 2024 loss of more than $230 million as context)
• The Crypto Guide, Unocoin Incident: Services Paused, Losses Unclear, November 12, 2026 (secondary source: November 12 update leaves wallet activity and any loss unresolved, earlier no-loss assurance should not be read as a current all-clear, restoration is an estimate)

This article is news reporting and is not investment advice.