Unocoin flags outgoing BitGo ETH transactions as user lockout drags on

The exchange says it escalated the matter to BitGo, which has opened its own investigation. Unocoin maintains that no user funds have been lost despite the suspicious activity.

Escalating problems

The trouble began on November 6, 2026, when Unocoin detected unauthorized access to its servers and implemented "precautionary measures" to protect customer assets. Those measures included freezing enterprise accounts at both BitGo and Fireblocks custodians.

Further unauthorized activity led Unocoin to suspend all user logins and services on November 9. As of November 12, users remained locked out while the exchange worked to resolve the issues.

Investigation and claims

Unocoin spotted the outgoing ETH transactions on November 12 and immediately raised them with BitGo. The exchange has not disclosed the amount of ETH transferred or its destination. Unocoin claims more than 90% of user holdings are in cold storage, but blockchain analytics firm Arkham Intelligence showed approximately 81,000 Unocoin addresses with a combined balance of $0 as of November 12.

We are rebuilding our server infrastructure from scratch. That process is expected to take 4-5 business days.

What happens next

Key questions remain about how the ETH transfers occurred despite the frozen accounts. The investigation by BitGo will likely determine whether compromised credentials, a gap in the freeze, or pre-existing activity allowed the transactions to proceed.

Users and market observers will watch whether Unocoin meets its 4-5 business day timeline for server rebuilding, what BitGo discovers about the outgoing ETH, and if the exchange publishes a comprehensive incident report with verifiable reserve data.