Unocoin Recovering From Mystery Shutdown, Moving Servers

Indian exchange Unocoin hopes it will resume operations today after it shut down following the detection of a security flaw.

Speaking to local publication Economic Times, Unocoin CEO Sathvik Vishwanath said that making servers “more secure” would help ensure the issue would not repeat in future.

“We identified that there was an issue with the way the files were being stored and are resolving that part. We are also moving the servers to a more secure location,” he said.

Unocoin Is India's Most Popular Bitcoin Company

Unocoin abruptly took all its services offline earlier, with an advisory notice on its website still stating its exchange and support services were undergoing “some unplanned maintenance activities.”

“[...We] would like to highlight that your BTC and [rupee] balance is fully safe with us,” the notice adds.

Little is known about the precise nature of the problem, which is the second to plague Unocoin in a month.

Previously, a user who lost around $1,860 on the exchange in an apparent hack even drove to its offices in person to remonstrate, only to discover the security vulnerability had occurred on his side.

“We provide a lot of security features, but the user had not enabled those,” Vishwanath added about the episode.

India has confirmed it will seek to officially regulate cryptocurrency in the near future, ending a gray period in which confusion reigned supreme regarding the rights of citizens to trade and hold it entirely above board.

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