Indian cryptocurrency exchange Unocoin has suspended user logins after confirming unauthorized access to its servers, with security investigations ongoing and customer withdrawals delayed.
The Bengaluru-based company, founded in 2013, said its technical team first detected unauthorized activity on November 6, 2026, leading to preventive freezes of corporate accounts at custody providers Fireblocks and Bitgo at 11:24 UTC and 11:29 UTC respectively. A second round of suspicious activity on November 9, 2026 prompted Unocoin to publish an official statement, disable logins, and suspend services.
On November 12, blockchain monitoring account Onchain Lens noted that roughly 80,986 addresses attributed to Unocoin on Arkham Intelligence displayed a collective valuation of $0, fueling speculation about a possible emptying of exchange reserves. However, Arkham data also showed those labeled addresses had historically held only a few hundred dollars to a quarterly peak slightly above $250,000, meaning the zero balance does not prove 81,000 customer accounts were drained.
The exchange says more than 90% of client cryptocurrency funds remain in cold storage. Its researchers are also examining outgoing transactions from an Ethereum address linked to Unocoin's wallet infrastructure on Bitgo, previously used for ERC-20 token operations, and have escalated a joint audit with Bitgo. Unocoin stated that reconstruction of its server infrastructure will take an estimated four to five business days, during which logins, trading, and withdrawals remain suspended.
