Unocoin which is a bitcoin and blockchain startup has found some vulnerabilities in its architecture and that’s why it has made its platform offline.

 

It will be getting online on Tuesday

Since Saturday, though website is functional still users cannot login to the platform. CEO of the Unocoin, Sathvik Vishwanathan said that user can log in to their accounts by the end of Tuesday.

 

Change password will be mandatory after solution

Vishwanathan said that, “We identified an issue with the way the files were being stored and are resolving that part. We are also moving the servers to a more secure location. And, users will be mandatorily asked to change their passwords once they are able to log in”.

 

It is for maintenance purpose

He gave his word on the move and assured that it was a maintenance activity and nothing more but held back the details.

 

Earlier issues

Earlier this month one of its user from Bengaluru lost Rs. 1.2 lakh worth bitcoins to hackers.

 

Who was responsible for hacking of data

Vishwanath refused to take any responsibility and said that, “We provide a lot of security features, but the user had not enabled those”.

 

About Unocoin

The company was established in 2013 and backed by Blume Ventures. It operates Bitcoin (BTC)-INR trading platform and allows consumers to buy, store, sell, accept and use bitcoin, digital currency which is created and held electronically.

 

Company’s revenue

With over 1,50,000 active users, it has a gross revenue of over 350 million.

 

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