Unocoin said the transfers were signed outside BitGo’s platform while its account was frozen, possibly via a wallet recovery feature.
Indian cryptocurrency exchange Unocoin has kept deposits and withdrawals suspended as it investigates whether suspicious transfers from wallets linked to custodian BitGo were made using a recovery feature.
On Friday, the exchange said that BitGo had frozen the exchange’s enterprise account on Nov. 6 at Unocoin’s request and that the freeze worked as intended. The transactions under investigation were signed and broadcast outside BitGo’s platform, Unocoin said.
The exchange said BitGo’s multisignature wallets include a recovery feature that lets wallet holders access funds if BitGo becomes unavailable. Unocoin suspects the feature was misused and has yet to establish how the transfers occured or whether it lost any digital assets.
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