Unocoin to refund stolen bitcoins

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Unocoin to refund stolen bitcoins

Unocoin, India’s largest Bitcoin wallet and exchange had earlier disabled all users from logging in, due to unauthorized movement of bitcoins from Unocoin user’s wallets. Unocoin had acknowledged the issue on twitter and said “few users have lost 0.25” bitcoins.

Unocoin has now accepted the blame for the theft of bitcoin in its wallets and has confirmed that it would refund the stolen bitcoins to its rightful owners.

“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. We are now working on cancelling the pending transactions to users. Unocoin has taken the responsibility to refund the few transactions that happened to get processed.”

Unocoin accounts still remain locked as the exchange is doing security checks to ensure safety of its users and is expected to be back in action soon.

See the complete announcement on the Unocoin blog.

Unocoin, an Indian bitcoin exchange was founded in 2013 had raised $1.75 million in funding.

 

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