Cryptocurrency exchange Bitfinex today announced that it is starting the process of bringing the platform online in a controlled and secure way. The exchange recently encountered a security breach, in which nearly 120,000 BTC were reportedly stolen.

“Currently the site is available on a read-only basis as we continue to work towards enabling full functionality. This means that users will be able to log into their accounts but trading, depositing, and withdrawing will remain disabled at this time”, the announcement reads. 

The ongoing platform recovery will require users to reset their password and their 2FA (if applicable). Bitfinex further said that Clef has been disabled for all accounts and users will now be required to re-enroll. In addition, all API keys have been revoked and the creation of new API keys will be re-enabled within the next 48 hours.

The exchange suggested last week that it was considering “a socialized loss scenario” among bitcoin balances and active loans to BTCUSD positions. Later in an interim announcement, it said that upon logging into the platform, customers will see that they have experienced a generalized loss percentage of 36.067%.

“Please take this time to log in and review your account and balances, taking note of the adjustments caused by the closing of open margin positions and the application of the Extraordinary Loss Adjustment. The loss adjustment is represented by your balance in “BFX” tokens which are priced at 1.00 USD until we are able to allow trading of that token, likely within the next week. The trading of BFX tokens may be restricted for US customers”, it said. 

However, this solution has given rise to more questions from users:

Bitfinex reiterated that full platform functionality will come online in progressive steps with withdrawing, depositing and exchange trading will come online first, and margin trading (for non-US customers) to resume sometime after that.