According to Foresight News, Indian crypto exchange Unocoin discovered unauthorized activity on November 6 and immediately froze its enterprise accounts at BitGo and Fireblocks. BitGo's multi-signature wallet is designed to allow fund access if BitGo becomes unavailable; Unocoin indicated this backup mechanism may have been exploited. Transactions were signed and broadcast directly on-chain without going through BitGo's platform.

Unocoin suspended all services on November 9 after detecting additional unauthorized activity. The platform is investigating the backup mechanism exploitation, assessing crypto asset losses, and addressing privacy concerns while working on service recovery.

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