Cryptocurrency brokerage firm Floating Point Group (FPG) has suspended all activities on its platform, including trading, withdrawals, and deposits, following a cyberattack on June 11 that resulted in an estimated loss of between $15 million to $20 million.
The confirmation by the platform came today (Thursday) with a tweet. The crypto brokerage platform locked all third-party accounts and migrated wallets upon the discovery of the breach. The suspension of the trading, withdrawals, and deposits came as a consecutive step as “an abundance of caution.” It further highlighted that the segregated accounts on its platform had limited the impact of the attack.
2/5 Our account segregation limited the overall impact of the attack. We have ceased trading, deposits, and withdrawals, out of an abundance of caution. Finally, we have notified law enforcement and are actively cooperating with them on this matter.
— Floating Point Group (@fpgcrypto) June 14, 2023
Floating Point Group operates internationally and enables its institutional clients to access the cryptocurrency markets. The company and its clients have $50 billion in assets, according to the FPG website.
The brokerage also took steps against safeguarding from hacks and reaches by obtaining the SOC 2 certification last December, which came after a consultation with cybersecurity firm Prescient Auditors. The SOC 2 certification ensures the overall safety of the company’s internal data controls.
Investigation Is Ongoing
The platform is now investigating the security breach. It has also approached US law enforcement agencies, including the Federal Bureau of Investigation, the Department of Homeland Security, and also regulators.
“As this is an ongoing investigation with law enforcement, we cannot share specifics at this time,” FPG stated in one of the tweets.
“We will provide updates as they become available. Right now, we are working around the clock to investigate this incident, ensure the security of our systems, and recover assets.”
5/5 We will provide updates as they become available. Right now we are working around the clock to investigate this incident, ensure the security of our systems, and recover assets.
— Floating Point Group (@fpgcrypto) June 14, 2023
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