Floating Point Group (FPG) Falls Victim to Cyber Attack

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Floating Point Group (FPG) Falls Victim to Cyber Attack

Trading platform provider, Floating Point Group (FPG) announced in a recent statement that it was a victim of a recent cyber attack. The crypto prime brokerage has said that it is working closely with law enforcement and Chainalysis to get back stolen funds.

In a sad development, FPG announced in a June 14 Twitter thread that the platform “experienced a cyber security incident” on Sunday, June 11. According to the statement, about $15 million to $20 million in crypto assets has been lost.

Furthermore, FPG made it known that it immediately locked and secured all wallets while it continues investigations to better understand the circumstances behind the incident.

Also, FPG has stopped all transactions including trading, deposits, and withdrawals in a bid to take caution. In addition, law enforcement has been notified and is “actively cooperating” with them.

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The Department of Homeland Security, FPG regulators, the FBI, and Chainalysis are working hand in hand with the brokerage company to understand how it happened and further recover stolen assets.

Floating Point Group (FPG) did not reveal the cryptocurrencies that were stolen in the cyber attack and have not responded to further questions regarding it at the time of writing. The company has also promised that it is working tirelessly to secure the system and recover assets.

Following a series of cybersecurity assessments and penetration tests from a thorough examination by Prescient Assurance, FPG claimed to have obtained a SOC 2 certification last year. At the time, the company also disclosed that it hired blockchain security startup CertiK to conduct a thorough cybersecurity analysis of its FlowVault platform.

About Floating Point Group (FPG)

FPG is a Prime brokerage founded at the Massachusetts Institute of Technology. The company enables institutions to increase profitability and grow more quickly by using a worldwide agency trading desk and direct market access.

The company has raised over $12 million in funding and has received backing from investors like Formula Ventures, Tribe Capital, CapitalX, and Coinbase Ventures according to its Crunchbase profile. Finally, according to its website, FPG’s customers manage over $50 billion in assets.

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.