Security patch applied to heartbleed vulnerability

The Heartbleed Bug is a serious vulnerability in the popular OpenSSL cryptographic software library. This weakness allows stealing the information protected, under normal conditions, by the SSL/TLS encryption used to secure the Internet. SSL/TLS provides communication security and privacy over the Internet for applications such as web, email, instant messaging (IM) and some virtual private networks (VPNs).

The Heartbleed bug allows anyone on the Internet to read the memory of the systems protected by the vulnerable versions of the OpenSSL software. This compromises the secret keys used to identify the service providers and to encrypt the traffic, the names and passwords of the users and the actual content. This allows attackers to eavesdrop on communications, steal data directly from the services and users and to impersonate services and users.”

Bug was introduced to OpenSSL in December 2011 and has been out in the wild since OpenSSL release 1.0.1 on 14th of March 2012. OpenSSL 1.0.1g released on 7th of April 2014 fixes the bug.

You can read more info and the extent of effect this issue could cause on HeartBleed. Summary and vulnerability of the bug can be found on National Vulunerability Database website maintained by US govt.

Unocoin was exposed to such vulnerability as we use the same OpenSSL library to provide SSL security (that makes Unocoin run on HTTPS with a green address bar instead of HTTP). A security patch has been applied to our server on 8th April 2014.


Closing of accounts for the financial year

Buying and Selling of bitcoins will be disabled between 29th March 2014 to 1st April 2014 to finalize accounting for the financial year 2013-14. If you have any pending orders for which you need to pay, please pay with in 29th March or else they will be cancelled. Invoices for bitcoin purchases and acknowledgements for bitcoin sales along with total net-profit/net-loss, holdings and total service tax paid will be printed and posted/couriered to individual customers to help customers with their accounting needs. If your address on your profile has been changed or inadequate, please contact us using the Contact Us link above and let us know. We will be calling every customer on their registered mobile number and will be confirming that they wish to receive these accounting sheets before we print and courier them.

CoinMonk Ventures and Unocoin wishes all its customers a very happy Ugadi and a very happy New year (or what ever equivalents you celebrate in your community).

Many Indian Banks will be closing books and finalizing accounts on April 1st and do not process any deposits or withdrawals and on the other hand it is declared as holiday for other banks. So Unocoin buying and selling of bitcoins will be back on April 2nd 2014.

Thank you

Collected BAI donations has been donated to chairty

Inline with one of our previous posts Discontinuation of BAI donation collection on Feb 5th 2014, we have completed accounting on the collected donations. The total donations collected has been INR 11454 from our customers and Unocoin contribution has been INR 11915 which sums up to INR 23369. A cheque has been drawn and the donation has been made to Vidyanikethan.


Bangalore is a rapidly growing city, alongside the boom and growth the poorer class still struggles with no means of sending children to schools for even a basic education. While there are organizations such as Vidyanikethan trying their best to reach out to as many as they possibly can.First of all, most of the children who are studying in Vidyanikethan from kindergarden to 9th class are from slums and poor backgrounds. The families rely mainly on daily wages from construction work, Carpentry, Flower vending, Road side petty business, Garment works etc. The parents of these children are busy in finding labour work day to day for their livelihood. Few of them are homeless and are denied of any basic facilities. So they cannot afford any education apart from Vidyanikethan because here they are not burdened with paying school fees.Vidyanikethan has been working to serve the community for the past 25 years and impacted more than 12000 lives. From a kinder garden for 7 children they have evolved to an organization working in 6 projects, with 4 branches in Karnataka and Tamil Nadu.

Unocoin BUY and SELL price calculator


The latest addition to Unocoin has been a quick buying and selling price calculator to our home page. This work even if you have not logged in and renders very beautifully on the mobile phone as well.

Delay in recognition and confirmation of deposits

Since 3 days we have seen delays in recognition and confirmation of deposits to your Unocoin wallet especially if your address has got affected with dust transactions (intruder trying to send 0.00000001 btc which would take a long time to confirm). However be sure that all of your deposits eventually show up and your bitcoins are safe. The dust transaction attack and DDoS attack do not affect the security of bitcoin transactions or bitcoin itself and all it can do is delay the confirmation of transactions. With what we have seen, the delayed transactions has got itself sorted out in about 12 to 24 hours. If your transaction takes more than this time, please contact us so that we can investigate your case. However we wont be manually able to tweek your Unocoin wallet balance to reflect your affected deposit. The entire issue is expected to sort out itself with in next few days after which you can expect to see your deposits in your Unocoin transactions with in 30 seconds since deposit and it should get 6 confirmations in about 1 hour as it used to be. After those 6 confirmation you can send the bitcoins to other users/bitcoin-addresses or sell your bitcoins.