Unocoin, an India-based bitcoin company, has temporarily suspended its operations after a security vulnerability was detected.

In a maintenance notice, the company stated:

“We regret to inform you that a security vulnerability was discovered on our server on June 23rd at 12:07 PM and it was the result of a server migration that took place on June 14th, 2017 at midnight. Despite this unfortunate incident, please note that ALL customer funds are safe and secure. As soon as we identified the threat, we stopped customer withdrawals, blocked access to customer accounts and moved our database to read-only mode.”

CEO and Co-Founder Sathik Vishwanath said that the company is taking this opportunity to upgrade the infrastructure and security protocols. He expects the platform to resume operations today.

“We’re also taking this opportunity to upgrade our infrastructure and security protocols. To finish testing our system before going live, we require another day and plan to be online by end of day Tuesday”, he said.

Earlier this month, the firm ramped up security measures after few customer accounts were reportedly compromised. Unocoin had emphasized at the time that there has not been any security breach in its management, services, or servers, and explained, “This is similar to someone’s Gmail id getting hacked and not the Gmail servers getting hacked.”

Unocoin’s services remain suspended at the time of writing. Watch this space for more updates.

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