Unocoin Offline Three Days After Breach as 81,000 Tracked Wallets Show Zero

Indian cryptocurrency exchange Unocoin has remained inaccessible three days after disclosing unauthorized access to its servers, while blockchain analytics platform Arkham Intelligence shows a portfolio value of zero across approximately 81,000 addresses attributed to the platform.

Unocoin disabled user logins on November 9 after its security team identified the unauthorized access. In its only public statement, the exchange asserted that no customer cryptocurrency funds were lost. It did not explain how the intrusion occurred or which systems the attackers reached.

By November 12, at approximately 06:57 UTC, unocoin.com was returning a Cloudflare 504 Gateway Time-out error. The browser and Cloudflare's Mumbai network were functioning normally; the exchange's host server was not responding. Three days after the disclosure, the company had issued no further updates, no investigation timeline, and no date for restoring services.

What does the zero-balance Arkham data actually prove?

The on-chain figures come from Onchain Lens, a blockchain analytics account that published a screenshot of Unocoin's Arkham entity page. The page lists roughly 81,000 addresses associated with the exchange and displays the message "No assets found" in the portfolio dashboard.

The reading is suggestive, not conclusive. Arkham's entity tracking attributes assets only to addresses it has identified as belonging to a given organization. An exchange can hold customer funds in wallets that Arkham has not tagged, and balances can move between tagged and untagged addresses during an incident response. The zero figure therefore cannot confirm either that funds are safe or that funds are gone.

What it does change is the burden of proof. Unocoin has not published an updated reserve breakdown, has not disclosed whether assets were moved between wallets during the investigation, and has not addressed the Onchain Lens figures at all. For practitioners, the practical question is straightforward: with logins suspended, the website down, and no on-chain visibility into tagged reserves, customers currently have no independent way to verify the exchange's November 9 assurance that funds remain intact.

Crypto.news contacted Unocoin for clarification on the security incident, its cryptocurrency reserves, and the website disruption. The exchange had not responded at press time.

A pattern of wallet disputes in India

The Unocoin case follows a structurally similar dispute in October, when CoinDCX denied allegations of a fresh security breach involving nearly $16 million in cryptocurrency transfers. Blockchain investigator ZachXBT had questioned transactions at addresses identified through Arkham Intelligence. CoinDCX CEO Sumit Gupta maintained the addresses belonged to infrastructure compromised during an earlier attack and that operational and customer wallets were unaffected.

CoinDCX subsequently disclosed that 15.99 million USDT had been lost after deposits accumulated in wallets retired following its July 2025 breach. The exchange said an automated system for sweeping funds out of those addresses had stopped working, that customers had already been credited for their deposits, and that CoinDCX absorbed the losses without affecting account balances.

Both cases show the same operational failure mode: analytics firms flag anomalous wallet activity, the exchange initially denies a loss, and a fuller accounting emerges only later. India's sector carries a heavier precedent still. In July 2024, WazirX lost more than $230 million after attackers compromised a wallet used by the exchange, in one of the largest reported cryptocurrency thefts involving an Indian trading platform.

What happens next

Founded in 2013, Unocoin is among India's earliest cryptocurrency exchanges and has operated through multiple periods of regulatory uncertainty. Its statement said services would resume once the investigation and necessary security measures were completed. "Our team is actively investigating the incident and working on remediation," the exchange said, apologizing for the disruption and promising to share findings in due course, without specifying a date.

The company has not clarified whether the unauthorized access touched customer information, internal infrastructure, or the systems that handle cryptocurrency transactions. It has not published a detailed incident report. Until Unocoin either restores service or releases an on-chain attestation of its reserves, the 81,000 zeroed addresses will remain the only public evidence available, and every additional day of silence will tighten the pressure for a formal accounting.