Bitfinex Breach Update

Dear BitGo Customers, Bitcoin Community, and Friends,

For the last 48 hours, I’ve been in the frustrating position of having to tell you that “due to an active investigation, I can’t give you answers.” I want to give you answers, and BitGo wants to give you answers, but we really just can’t right now.

As you know, a large amount of Bitcoin has been taken from Bitfinex, and Bitfinex utilized BitGo software as part of its security solution. While we have worked tirelessly with the team at Bitfinex to investigate the theft, the Bitcoin is gone. Our focus now is to protect the remainder of Bitfinex coins and all of our other customers’ coins.

Our job is to protect your Bitcoin and continue to improve the security of the service. BitGo systems were not breached in this attack and our software functioned correctly. This may seem like an inadequate explanation, because everyone wants to know “what needs to change to avoid what happened in this case,” and we understand that. Fortunately, the Bitfinex configuration was unique and other BitGo customers do not need immediate changes. In the wake of this event, however, this is an opportunity for everyone to do an in-depth review of their security processes and risks. In the event your systems are compromised, what is your maximum exposure?

For all BitGo customers, BitGo can and will review your wallet configurations with you at any time. For the record, we will never let our silence in an active investigation impede our duties to inform you of security risks in your own wallets. Security isn’t static, and neither are we. If we need to make changes to ensure security, we are dedicated to doing so quickly and comprehensively.

We look forward to being able to fully discuss the details of this case. Until then, we ask for your patience and support. If you have questions, please call us.

Mike & BitGo team

Authored by Mike Belshe, Co-Founder & CEO of BitGo