Unocoin Flags Outgoing BitGo ETH Transfers as User Lockout Enters Fourth Day

Indian crypto exchange Unocoin disclosed outgoing Ethereum transactions from a BitGo wallet address linked to its operations on November 12, 2026, while its users remained locked out of their accounts for a fourth day. Unocoin escalated the transfers to BitGo, which has opened an investigation into the movement.

Unocoin maintains that no user funds have been lost. The exchange has not disclosed how much ETH moved or where the funds went.

How the incident unfolded

The breach timeline began on November 6, 2026, when Unocoin detected unauthorized access to its servers. The exchange activated what it called "precautionary measures" to protect customer assets.

Those measures moved fast:

• Unocoin froze its BitGo enterprise account at 11:24 UTC.
• It froze its Fireblocks enterprise account at 11:29 UTC, five minutes later.
• Continued unauthorized activity forced Unocoin to suspend all user logins and services on November 9.
• Users remained locked out as of November 12.

Unocoin flagged the outgoing ETH transactions to BitGo on November 12, according to research findings, and the custodian's probe is now underway.

What does the chain show?

Unocoin's central claim is that customer money is safe. The exchange says more than 90% of user holdings sit in cold storage, and it is rebuilding its server infrastructure from scratch — a process it expects to take 4-5 business days.

Outside data complicates that picture. Blockchain analytics firm Arkham Intelligence showed approximately 81,000 addresses associated with Unocoin carrying a combined balance of $0 as of November 12. Unocoin's website also returned a 504 error on November 12.

The exchange has not released a comprehensive incident report. It has given no firm date for when users can log back in and trade.

Why the BitGo transfers matter

The 90% cold storage figure carries most of the weight in Unocoin's messaging. The unanswered question concerns the remaining share held in hot or custodial wallets. The flagged BitGo ETH transactions sit squarely inside that gap, and BitGo's findings will shape how credible the "no funds lost" statement looks in hindsight.

Unocoin relied on two institutional-grade providers, BitGo and Fireblocks, and froze both accounts within minutes of detecting the intrusion. If ETH still moved from a BitGo-linked address after the freeze, the explanation could point to compromised credentials, a gap in the freeze itself, or activity that predates it.

What comes next

Three checkpoints will define the coming days: whether Unocoin completes its 4-5 business day infrastructure rebuild, what BitGo's investigation concludes about the outgoing ETH, and whether the exchange publishes a full incident report with verifiable reserve data.

Until BitGo reports its findings, Unocoin's user base — locked out since November 9 — has only the exchange's own assurances to weigh against Arkham's on-chain data.