BITCOIN AND BLOCKCHAIN

Bitcoin and blockchain startup Unocoin has taken its website offline after identifying vulnerabilities in its architecture.

While the website is functional, users are not allowed to log into their accounts since Saturday morning.Sathvik Vishwanath, CEO, Unocoin, said users will be able to log in by end of Tuesday.

However, the website was not back up at the time this story went to press.

“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," Vishwanath told ET, adding that users will be mandatorily asked to change their passwords once they are able to log in. He assured that this was just for maintenance purposes and did not reveal further details on the vulnerability. A security breach earlier this month saw a Unocoin user from Bengaluru losing `1.2 lakh worth of bitcoins after the account was hacked.

Vishwanath, howe ver, did not take responsibility, saying: “We provide a lot of security features, but the user had not enabled those."

The Blume Ventures-backed company was started in 2013 and operates BTC (Bitcoin)-INR trading platform which enables people to buy, sell, store, use and accept bitcoin, which is a form of digital currency, created and held electronically.

Unocoin has over 1,50,000 users and over 350 million in total revenue, according to its website.