According to BitGo, Unocoin's outbound transactions on November 12-13 were signed using Unocoin's self-held user key and backup key, then broadcast on-chain outside the BitGo platform. BitGo confirmed its system was not compromised and its third signing key was never used. Unocoin operates a 2-of-3 self-custody wallet structure where two keys are sufficient to authorize transactions. The company discovered suspicious activity on November 6 and requested account freezes from BitGo and Fireblocks.

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