Notice regarding the Segwit addresses

Dear Users,

We are thrilled to announce that Unocoin is rolling out Segwit enabled deposit addresses for all the verified clients from tomorrow (12.01.2018 – 12:00 p.m.).

  • All accounts created post 12.01.2018 – 12:00 p.m. will be provided with Segwit enabled deposit addresses by default.

  • Existing verified users can note their Segwit enabled deposit addresses (available under the BTC deposit section on the website & mobile app). Please mind the change in deposit addresses before making any transaction.

Note: All the legacy non-segwit addresses are supported for deposits for a brief period of time (31st March 2018). Please note that no action is required from the user end regarding this.

Revision to transaction fee when sending bitcoin

Dear Customers,

This is to inform you that due to the growing volume in on-chain transactions of Bitcoin has pushed Unocoin to increase the network fee from 0.0005 BTC to 0.0009 BTC per transaction to maintain prompt confirmation timings. This change will come into effect from 14th November 2017. Please be notified of this change in the network fee for your future transactions (Sending to bitcoin address).

However, transactions between Unocoin users (done via email addresses of the recipient) would be completely off-chain and are free.

Note: Bitcoin transaction network fee is the incentive to miners supporting the bitcoin network that validates and record your transaction on the blockchain and this fee does not go to Unocoin.

Update on 14th Nov: As the network fee dropped to managable levels, there wont be any change in the fee while sending out bitcoin to a bitcoin address. However, in the future, Unocoin shall collect a fee of 0.0005 to 0.0009 BTC (the fee is set dynamically depending on the network congestion and will be displayed while sending out the bitcoin to a bitcoin address) that is deducted from your Unocoin balance which is paid to the mining network that validates, processes and secures your transactions.

Our revised stance and you can now have your BCH (Bitcoin Cash)

Dear Users,

As you already know, the Bitcoin’s blockchain network went through a fork on August 1, 2017, and a new digital asset, Bitcoin Cash, was created. Users who had Bitcoin on Unocoin wallet as on Aug 1, 2017, now have an additional equivalent amount in Bitcoin Cash as well. In our last update https://news.unocoin.com/?p=762 prior to the fork, we had announced to our users that Unocoin will not be supporting Bitcoin Cash on its platform as there are technical hurdles in supporting multi currencies in a single currency trading platform and had requested our users to move their Bitcoin from Unocoin wallet and store it in a wallet where they control the private keys.

This was done, keeping in mind, the security of our customer funds. What we want our users to know is that, as a company, we would always want our users to benefit the most out of such situations but there are certain aspects in terms of stability, technicality and security that needs to be looked into before adding support to a new digital asset like Bitcoin Cash.

However, a lot of our users continued to hold their Bitcoin in our wallet and hence their Bitcoin Cash is now with Unocoin. Taking into consideration the recent developments around the fork and the interest shown by users towards Bitcoin Cash, users can now claim their Bitcoin Cash within August 28, 2017, by providing their BCH address to which they want to claim all of their BCH on Unocoin Dashboard page as soon as you log in from the browser. This option does not exist on the mobile app. The BCH withdrawals are processed manually and the first withdrawal processing is scheduled for the week of August 21st and the second one in the week of August 28th. As this involves manual work for every transaction to be processed, we will only be doing this twice as per the above schedule and hence you are requested to submit your BCH address with-in August 28th.

NOTE: We might consider adding support to BCH in the future but we don’t intend to do so as of today for the reasons mentioned above.

Regards,

Sathvik Vishwanath

Co-Founder and CEO, Unocoin

Issue with transactions

Dear Users,

Yesterday, 6th August 2017 at 18:30 Hrs we were informed of some small unauthorised transaction(s) happening from few of our user wallets. 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.

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.
We will soon enable user Logins shortly. The Send feature will be enabled once our security experts feel that it is perfectly safe to do so.

Rest assured, we are working round the clock to fix the issue and resume to normalcy.

Sathvik Vishwanath

Co-Founder and CEO, Unocoin

 

[Update (11th Aug 2017) : We identified that our error logging configuration was logging the error messages including the access token that eventually was getting stored in an external device but with wrong permissions on it and this was used to create unauthorized transactions. Now, we have cancelled all the transactions. We have fixed the issue and have returned to operations.]

Information on the ongoing event of Bitcoin Hard fork

Chronology of foreseen events:

  • July 31, 2017: Suspended bitcoin related operations

  • August 1, 2017: The event of hard fork and chain split (resulting in two tokens “Bitcoin” and “Bitcoin Cash”)

  • After August 1, 2017 (hours, days, or even weeks): Unocoin will resume their services after there is a clear majority in support for the Bitcoin and reduced chance of confusion between the two chains.

Dear Unocoin users,

Unocoin would like to bring to your notice about the stance we have taken in the light of an ongoing hard fork (chain split) in the bitcoin network (initiated on August 1st).

We have already suspended a greater part of services pertaining to bitcoin transactions (such as sending, receiving bitcoin) on our platform from 31st July. This means, the coins stored in your Unocoin wallet are absolutely safeguarded from the ongoing network discrepancies and will be available to transact once the ambiguity of network support is attained.

In the current situation, Unocoin is technically not equipped to support both “Bitcoin” & “Bitcoin Cash” simultaneously and is looking forward to extend the support for “Bitcoin” only.

As Unocoin has no control over the happening Bitcoin fork, there is no way of predicting when Unocoin will be able to resume the services again. Our services will be re-enabled when the network has been deemed safe (ie when the results of the fork are clear and significant).

Users are advised to stay up-to-date with more updates on Unocoin services by following us on Twitter & Facebook

Thank you for your patience and understanding during a time of critical update in the network.

Unocoin Team