India’s Unocoin Exchange Hacked, Will Reimburse Stolen Cryptocurrency

Crime, FinTech, Investing, News | August 7, 2017 By:

India-based bitcoin exchange Unocoin suffered a weekend hacker attack, with users reporting missing funds. The extent of the thefts has not been revealed, but resulted in the exchange temporarily closing.

In a blog post, Unocoin CEO Sathvik Vishwanath called the theft “small, unauthorized transations,” and said the exchange’s server was not compromised. He said those affected – “the few transactions that happened to get processed” – would be refunded. Meanwhile, the ability to send transactions has been suspended pending further investigation.

“Due to our security protocol, just after a few transactions our server identified the pattern and stopped the subsequent transactions by marking it as pending,” said Vishwanath. “We are now working on cancelling the pending transactions to users. Rest assured, we are working round the clock to fix the issue and resume to normalcy.”

The venture capital startup has raised almost $2 million to date.