In a latest update, Bitfinex cryptocurrency exchange has provided preliminary information about the security breach that occurred on August 2nd and has detailed the security enhancements that have been made to prevent future attacks.

The company engaged with blockchain forensics and technology firm Ledger Labs Inc. immediately after the attack. Bitfinex said that Ledger Labs is analyzing its system to determine how the security breach occurred and how to make the design better. It added that its development and operations personnel are working closely with Ledger Labs to ensure that all of their recommendations are understood and fully implemented.

“The investigation is ongoing. We are also in the process of engaging Ledger Labs to perform an audit of our complete balance sheet for both cryptocurrency and fiat assets and liabilities”, the online post reads.

Bitfinex said that the exact attack vector still remains unknown, while adding that the key security breach, which allowed the amount of bitcoins released by BitGo to be increased without BitGo realizing it or issuing alert, has already been addressed. It added that Ledger Labs has identified certain areas in its architecture that can be improved.

“We have currently suspended use of the BitGo segregated multi-signature wallet solution and have re-implemented robust and safe multi-signature cold storage procedures, with minimal coins exposed on our hot wallet. We are reassessing our storage options, both internally and with potential third party multi-sig vendors”, it added.

The exchange further clarified that its management has committed all reserves of the business while holding back a certain amount to pay for the investigation, hiring auditors and other advisors, improving its system’s design and for other contingent liabilities.

“Our best efforts to repay customers can only bear fruit with the determination and resources to make it happen. We are committed to deploying all of our resources to getting this done. To the extent that reserves are not needed for these purposes, they will be used to redeem token-holders as quickly as possible”, it said, adding that it is actively engaged with efforts to convert certain qualifying token-holders to shareholders of Bitfinex and to redeeming the remaining BFX tokens through a combination of new capital and earnings.