According to CoinMeta, BitGo indicates that their system was not compromised during the Unocoin incident. Upon review, it was found that the transfers involving Unocoin were signed using the user keys and backup keys held by this Indian exchange. The Unocoin account was frozen on November 6, 2026. BitGo confirmed that the freezing function was working properly and stated that no other customers were affected. Unocoin confirmed this action on November 12, having requested the freeze of the account used for daily cryptocurrency transactions a few days prior. The wallet of Unocoin utilizes a 2-of-3 self-management arrangement, and BitGo holds a third key. Two keys are required to conduct transactions; the keys belonging to BitGo were not used in this transfer. In an updated incident notice, Unocoin stated that they had received clarification from BitGo and acknowledged that the freeze was valid, with the transactions being signed and broadcasted outside of the provider's platform. The exchange suspects that the backup mechanism was exploited and is investigating how it was accessed and whether there were any losses of cryptocurrencies.