Written by William Subergstaff writerReviewed by Igor Belkinformer editorUnocoin: Unauthorized Spending Was Not ‘Server Compromise’
Latest NewsPublishedAug 7, 2017
Unocoin has said its servers were “not compromised” after unauthorized transactions made it shut down access to user accounts.
Unocoin has announced logins to its exchange will “resume shortly” after an apparent attack saw unauthorized transactions occur on user accounts. In a Monday update to users both on Twitter and its blog, the Indian exchange confirmed it would “refund” any missing coins to users.
At present, traders are unable to log in to accounts, a precaution taken by Unocoin after staff noticed the suspicious activity Sunday.
@Unocoin will be enabling logins shortly! Read more at https://t.co/l8GtoKAruh — Unocoin (@Unocoin) August 7, 2017
“We are now working on canceling the pending transactions to users. Unocoin has taken the responsibility to refund the few transactions that happened to get processed,” CEO and co-founder Sathvik Vishwanath writes in the blog post.
Little is known about the circumstances under which the transactions occurred, with Unocoin making no suggestion its security infrastructure remains vulnerable.
“At a moment’s notice, we looked into the matter and stopped all pending transactions and blocked access to our website. We have investigated and this does not a look to be a server compromise.” Vishwanath continued.
The episode follows more teething problems for the exchange late in June, when a further shutdown resulted in data servers being moved to a “more secure” location.
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