On November 13, 2026, Indian cryptocurrency exchange Unocoin reported progress in its investigation of unusual on-chain transactions involving its BitGo custody arrangement. Unocoin said it had received the information and explanations it requested from BitGo. It also said BitGo froze Unocoin’s corporate account at its request on November 6, and that the freeze was working as intended.
According to Unocoin, the transactions were not executed through BitGo’s platform: they were signed externally and broadcast directly to the blockchain network. Its preliminary investigation suggested that a backup mechanism associated with a BitGo multisignature wallet—intended to preserve access to user assets if the service provider became unavailable—may have been exploited. Unocoin had not established the specific mechanism or the extent of any crypto-asset losses or information-privacy risks. It said its investigation and work to restore affected services were continuing.
The distinction matters for custody: a freeze on a BitGo account does not, by itself, explain how transactions signed outside the platform were authorized. Unocoin’s account leaves that question open.