Unocoin, a Bitcoin Exchange in India closed it’s Bitcoin Exchange services on temporary basis. Users of Uncoin reported that their funds have been stolen over the weekend. Unocoin was informed that some small amount of unauthorized transactions were happening from the wallets of some of it’s users. The incident took place on 6 August 2017 at 18:30 Hours.

This incident prompted the  Indian bitcoin exchange to temporarily close and start issuing repayments of the stolen funds.

Unocoin operates both as a Bitcoin Exchange as well as a Bitcoin wallet.

The Bitcoin exchange mentioned about the incident in a blog post published on 7 August 2017.

Unocoin Explained:

“Due to our security protocol, just after a few transactions our server identified the pattern and stopped the subsequent transactions by marking it as pending. We are now working on cancelling the pending transactions to users. Unocoin has taken the responsibility to refund the few transactions that happened to get processed.”

Unocoin suspended user logins post this incident. The ability to send transactions was also suspended, which the Bitcoin Exchange assured that it would be brought back online once the security checks are completed.

“The Send feature will be enabled once our security experts feel that it is perfectly safe to do so.”

As of now the user can log-in and also the Sending of Bitcoin has been made live.

It is not the first time that Unocoin went offline. Previously , Unocoin went offline in the month of June when it discovered some security vulnerability on its servers.

Some few weeks ago, a Unocoin user lost his Bitcoins worth of INR 1,20 ,000 due to a hack. The user blames Unocoin and the Bitcoin Exchange blame the user .(Click here to read full article) publishes latest news and updates about Bitcoin, Cryptocurrencies and Blockchain Technology. Subscribe to our newsletters and stay connected with us socially on TelegramFacebookTwitter and Instagram


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