Unocoin broke the silence about the action Proof of Keys


Unocoin also finally responded to the charges against exchanges during the Proof of Keys.

Yesterday Unocoin has published a statement on its website clarifying its position in relation to the motion Proof of Keys, providing a more comforting and believable than other exchanges, which were also accused of a delay of withdrawal users.

Like the other defendants in the delay of the exchange Unocoin announced that its assets are above or equal to the funds users. This is due to the presence of own assets of the company from which it conducts trading operations, as well as periodic cryptocurrency directly from their users. The company also said that does not sell and does not provide loans to its users and does not send the assets abroad. 99% of the reserves stored in their own cold wallet of the company.

Action Proof of Keys and insights

The key point of the initiative was Proof of Keys to see what would happen if all the users of the exchanges will take their cryptovolans at the same time. Unocoin response to this question was much more interesting than the responses of its competitors. The company said that even if all users decide to withdraw your cryptocurrencies from Unocoin or UnoDAX at the same time, the company will be able to process these requests for withdrawal of funds within 1 working day! Other exchanges said that they would need 2-4 days to process a withdrawal (PocketBits – 2 days Coindelta – 4 days). And, for example, WazirX and BitBns had not even given any time frame, saying that users can withdraw their funds at any time. Although the day of action Proof of Keys they had big problems with withdrawal.

Readiness for audit

Representatives Unocoin also touched upon third party audit, noting:

“We conduct periodic audits of the remnants of digital assets our platform internationally recognized security firms. We are also ready to pass any external audit of known audit firm such as one of the Big four, if necessary (even if it is initiated by one of our own users)”.

The last line of the announcement, many users considered critical because this was not ready, none of the exchanges to which was the claim, noting that it speaks about the reliability and Unocoin UnoDAX.

In the end, the company also said that although she makes every effort to ensure the protection of users ‘ funds, the customers is also important to follow the security guidelines outlined on the relevant page Unocoin, to protect their funds. Because sometimes due to your carelessness, the users are themselves to blame for the loss of their funds.

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Tags: Proof of Keys Unocoin


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