Unocoin's login suspension drags on, and the exchange has flagged ETH transfers tied to BitGo
Indian exchange Unocoin has kept user logins suspended for several days and has flagged outgoing ether transactions tied to custodian BitGo.
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Key takeaways
- Unocoin's login suspension has now run for multiple days.
- The exchange flagged outgoing ETH transactions involving BitGo.
- The facts available don't say why logins are down or whether funds are at risk.
- Users of the Indian exchange can't access their accounts in the meantime.
Unocoin, the Indian crypto exchange, still has user logins suspended. It has also flagged outgoing ether transactions from BitGo, according to a report from The Block published November 12.
What we know
The suspension has now run for several days. Unocoin has pointed to outgoing ETH transactions linked to BitGo, the crypto custodian. That's the full extent of what's confirmed.
The gaps matter more than you'd think. The report doesn't say what caused the suspension, how much ether moved, or whether customer funds are affected. It gives no date for logins coming back, either. So treat any claim of a hack or insolvency as unconfirmed. Nobody has established either.
Why it matters
Several days is a long time for a trading venue to be dark. Users can't sell, can't withdraw, can't even check their balances, and that hurts most in a volatile market. Flagging transfers out of a custodian looks like what an exchange does when it's investigating something unusual. That's my inference, though, not an explanation Unocoin has given.
If you hold funds on Unocoin, stick to its official channels for updates and ignore screenshots and rumors. It's also a fair reminder of why plenty of traders keep only what they need on any single exchange. The open question is simple: will Unocoin give a clear account of what happened, and soon?
Source: The Block
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Daniel Okoro
Daniel tracks crypto regulation and policy across the US, EU and Asia, with a decade in financial journalism.
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