Crypto Broker FPG Halts Users Withdrawals After $20M Cyberattack
Floating Point Group (FPG), a cryptocurrency broker, has asserted it has halted trading, withdrawals, and deposits on its portal after suffering a sudden fatal cyberattack on June 11.
FPG roughly estimates the attack resulted in a reckoning loss of between $15 million and $20 million.
FPG Explained Withdrawal Sudden Halt
On FPG’s official Twitter account revealed that upon noticing the security breach, it closed off all third-party accounts and migrated wallets on its portal.
Subsequently, it halted trading, deposits, and withdrawals out of caution.
On Sunday, FPG explained that it suffered a cyber security incident. Due to this, it locked all third-party accounts and relocated and shut off all wallets until it understands the scope and circumstances of the incident.
Additionally, the firm expressed that its account segregation impeded the comprehensive impact of the threat actors’ attack.
Float Point Group Cooperates With FBI In Investigation
The latest development isn’t likely to strengthen institutional yearning for the crypto market, which has already been plagued by dwindling market conditions and increased hostility from regulators.
In December 2022, FPG willingly consulted cybersecurity firm Prescient Auditors and attained its SOC 2 Type 1 credentials.
Additionally, this credential is an official audit that affirms the comprehensive safety of a firm’s innermost data control.
Notably, FPG expressed its working with the FBI, the Department of Homeland Security, its regulators, and Chainalysis to figure out what transpired and how to recover assets.
FPG also pointed out that due to the ongoing core of the investigation with independent law enforcement agencies, it cannot publicly share any further details.
More on the Firm
FPG is a global brokerage firm that supplies institutional clients with proper access to crypto markets. Based on its website, its clients combined a massive wealth of $50 billion in assets.
It claimed that in order to reinvent finance, it entered the market in 2018. Additionally, one of its manifestos is that it strives to infuse a legacy financial system that spends trillions of dollars and billions of hours annually with the power of programmatic money.
