Unocoin, one of India's oldest cryptocurrency exchanges, has hit pause on all activity after a security breach was found on November 6.
The team is now rebuilding its servers from scratch to tighten up security.
Even after strengthening vulnerabilities in its systems, more unauthorized activity popped up, so Unocoin decided to fully shut down for now.
BitGo and Fireblocks freeze enterprise accounts
To keep user assets safe, Unocoin's custodians, BitGo and Fireblocks, have frozen all enterprise accounts as a precaution.
More than 90% of customer funds are still secure in offline cold storage.
Unocoin says it is working closely with its partners to investigate what happened and will not reopen until everything is locked down and safe again.