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[UPDATED] Bitfinex Clarifies Ledger Labs Audit Of 2016 Hack Focused On Security, Not Finance




Despite initial reports, 9 months later it is revealed Ledger Labs did not perform a financial audit for Bitfinex, instead focusing solely on security.

UPDATE: Bitfinex just announced Friedman LLP to perform financial audits.

On May 4, 2017, in an update to a post from August 17, 2016, buried in the announcements section of its website, Taiwanese virtual currency exchange Bitfinex revealed that, in stark contrast to its original message, "Ledger Labs has not been engaged to perform a financial audit of Bitfinex."

Reported by ETHNews, Bitfinex suffered a hacking incident in July of 2016, resulting in the theft of 119,756 bitcoin ($65 million, at the time). Following the incident, Bitfinex issued BFX tokens to help make those with losses whole again, of which 100 percent were redeemed in April 2017.

In the wake of the digital assault, a number of reasons ranging from lacking offline storage to frail wallet security were provided. In August of 2016, following the hack, Bitfinex announced that "Ledger Labs Inc., a top blockchain forensics and technology firm, is undertaking an analysis of our systems to determine exactly how the security breach occurred and to make our system’s design better going forward. We engaged Ledger Labs in the hours immediately after the attack happened. 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." Later, the post was edited with a footnote indicating Ledger Labs only performed "security and investigative services related to the security breach,” and that Bitfinex understood “that they do not offer auditing services to clients."

This story will be updated as new developments emerge.

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine.

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