Jun 27, 2017

Bitcoin exchange Unocoin goes offline after discovering security flaw

Unocoin, one of India’s largest bitcoin exchanges, late Monday night said it had gone offline.

BYShivam

Unocoin, one of India’s largest bitcoin exchanges, late Monday night said it had gone offline after it discovered a security vulnerability on its servers on Friday.
It is expected to be back online “end of day Tuesday,” Sathvik Vishwanath, CEO and cofounder, Unocoin, said in a statement. The vulnerability was a result of a server migration that took place two weeks earlier, he said.
The company, which claims to be India’s leading bitcoin company, emphasised that all customer funds were safe and secure but still made it mandatory for users to change their passwords. The specifications of the defect or the reasons on why it took so long for the flaw to be identified were not disclosed.

Unocoin, which claims to be India’s leading bitcoin company, emphasised that all customer funds were safe and secure but still made it mandatory for users to change their passwords


FactorDaily has contacted Unocoin for further comments on this development and will update them as and when we receive a response.
This is not the first time that there have been security concerns regarding Unocoin, which has more than 150,000 users. FactorDaily reported earlier this month how a data scientist in Bengaluru lost bitcoins worth Rs 1.2 lakh after his Unocoin account was hacked and the money was transferred out.
Also see: Inside the fabulous life of Akshay Haldipur, a Bitcoin crorepati

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Shivam is a writer of FactorDaily.