Following the recent security breach in which Bitfinex lost nearly 120,000 BTC reportedly, the Hong Kong-based cryptocurrency exchange has announced that it plans to restore full functionality of the platform in progressive stages. Bitfinex halted all trading on its platform, along with all digital token deposits to and withdrawals from it, once the hack was identified.         

“We are currently in an ongoing process of restoring limited functionality in a secure environment, with full functionality coming afterwards in progressive stages. The first step is bringing the site online and allowing users to login and view the state of their accounts. Note that initially trading, deposits, withdrawals, and other core site functionality will be disabled”, Bitfinex said. 

It further said that all withdrawals, open orders, and open funding offers will be canceled to accommodate the relaunch. Moreover, as settlement in the affected accounts is required for computing losses, the exchange said that margin positions for all pairs will be settled and closed using the midpoint of the bid and ask on August 2, 2016 at 18:00:00 UTC.

Bitfinex concluded saying, “Further announcements about the next steps of the relaunch will be posted as progress is made. All significant changes to feature availability will be announced in advance. We will strive to keep you as informed as we can.”

Bitfinex partnered with BitGo last year to provide individual multi-signature wallets for each customer, allowing traders to verify funds on the blockchain for complete transparency while retaining institutional-level security.

Earlier in April, another leading cryptocurrency exchange platform ShapeShift.io also suffered a massive hack in which it lost roughly $230,000.