Update regarding distribution of BCH

Dear Users,

We initially took the stance that we will not be supporting the BCH hardfork. But due to various dynamics, we had to consider the revised stance as mentioned in our recent news article and we had also explained the procedure to claim the BCH. We have now completed the distribution of BCH to the users who have submitted their BCH address with-in the deadline of 28th August 2017. There are still some of the unclaimed BCH from the non-interested (or non-supporting) customers that are left with Unocoin that can no more be claimed. In order to pass on the value of the same to our customers, we have converted the same to BTC and are using it to subsidise the transaction fee for the outgoing BTC transactions at Unocoin. Technically, the regular one input and two output multi-sig transaction cost about 0.0007 to 0.0010 BTC to be paid to the miners who secures your transaction on the blockchain but were collecting only 0.0005 BTC from our customers. The BTC that are obtained through unclaimed BCH will be utilised to subsidise the mining fee further to 0.0004 BTC for the foreseeable future.

Thank you

Discard the email regarding UNOCOIN ICO

Dear Unocoin Customers,

A message was sent out to our customers about an ICO (initial coin offering) that Unocoin is undergoing on 12th August 2017. Please note that this was NOT sent out by our team and is an attempt to steal customer funds. Please ignore that email.

Sincerely,
Team Unocoin

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://blog.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