Unocoin Suspends Withdrawals After Suspicious BitGo Wallet Transfers

Indian cryptocurrency exchange Unocoin has maintained its suspension of deposits and withdrawals while investigating suspicious transactions involving its BitGo wallet infrastructure. The latest update suggests that the transfers may have been executed through a recovery mechanism outside BitGo’s platform, raising new questions about how the activity occurred despite the custodian account being frozen. Unocoin said on November 13 that BitGo froze its enterprise account on November 6 at the exchange’s request and that the freeze operated as intended. However, the transactions under investigation were reportedly signed and broadcast outside BitGo’s platform.