Indian Bitcoin Exchange, Unocoin goes temporary offline

Unocoin servers down.

Unocoin, one of the India’s largest Bitcoin Exchnage went temporary offline.

On late Monday Night, it said it gone offline after it discovered a security vulnerability on its servers on Friday.

Sathvik Vishwanath, CEO and cofounder, Unocoin, said “It is expected to be back online by end of Tuesday. The vulnerability was a result of a server migration that took place two weeks earlier.”

The company claims to be the leading Bitcoin Exchange in India.

Unocoin also emphasized that the funds of all the customers were safe and secure. But the Bitcoin exchange still made it mandatory for the users to change their passwords. The specifications of the defect or the reasons on why it took so long for the flaw to be identified were not disclosed.

This is not the first time, Unocoin is in news due to security issues. Recently, a Unocoin user lost  Bitcoins worth of INR 1,20 ,000 due to a hack. The user blames Unocoin and vice-versa.(Click here to read full article)

Although this may be a bad phase for Unocoin, previously the Bitcoin exchange was leaving no stone unturned to promote Bitcoin and it’s usage in India.

In the month of march, Unocoin made a big collaboration with BookMyShow.com. It enabled the user to watch movies and pay via Bitcoins.

Similarly, to make purchase of Bitcoin easy in India, Unocoin collaborated with PayU Money to make payments via the payment gateway.

Unocoin had also introduced to buy Bitcoin via credit cards.

Bitcoins have a bright future ahead, specially in India. A recent news came in which it was mentioned that a committee established by the government to examine virtual currencies such as Bitcoin have approved it. The committee also stated that Bitcoins are good to go if regulated.

Anothe task force committee will be set up by the government, which will examine Bitcoin for Six months and suggest the policies to regulate it.

KryptoMoney.com, posts latest news and updates about Bitcoin, Altcoins, Blockchain Technology and upcoming ICO’s.

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