Crypto exchange Unocoin confirmed a breach of its servers. The message appeared on the morning of November 12. The platform did not disclose the amount of losses.
About the exchange. Unocoin has been operating since 2013 and is considered India's first crypto exchange. The platform itself assures that user funds were not affected.
Blockchain analysts see a different picture: tens of thousands of the exchange's addresses are empty. For a trader, this is again a question of where and in what volume to keep money.
What does the blockchain show?
Empty addresses. According to Arkham, about 81,000 addresses associated with Unocoin have a zero balance.
Arkham is a service that tracks wallets and links addresses to specific exchanges and funds.
- 81,000 addresses - zero balance in Arkham's data
- Hot wallets - addresses from which the exchange conducts ongoing client operations
- Typical trace - this picture usually emerges after all cryptocurrency has been withdrawn from the platform's hot wallets
What does the exchange itself say?
The breach is acknowledged. Unocoin confirmed the server breach but claims that user funds were not affected.
- Volume of possible losses - the exchange did not disclose
- Time the information appeared - morning of November 12
- Platform history - operating since 2013, India's first crypto exchange
What does this mean for a trader?
The Indian market is reacting. Local volumes and sentiment around the Indian market are sensitive to reports of the Unocoin breach.
Key point: blockchain data and the platform's statement contradict each other. As long as that's the case, keeping assets on this exchange is a bet on the exchange's own version.
An alternative in terms of capital risk is trading on the company's money. How the challenge and payouts work is covered in the academy.
What's next?
We expect details from Unocoin on three points.
- Wallets. Which addresses were affected by the breach.
- Amount. How much cryptocurrency left the platform.
- Operations. Whether deposits and withdrawals will be suspended.
Until then, any damage figures come only from blockchain analytics, not from the platform itself. Terms of working without your own deposit can be compared in the prop firm catalog.
Do you keep your deposit on an exchange?
Every such news story makes you recalculate how much you have in your accounts and with whom exactly. That's why many people don't grow their deposit. The larger the sum on an exchange, the more unpleasant it is to read about hacked servers. In prop trading, the trading nominal belongs to the company, and you pay only for selection according to its rules and receive a share of the profit. It's worth understanding this scheme before the next such morning.