Cryptocurrency brokerage Floating Point Group (FPG) has suspended all activity on its platform, including trading, withdrawals and deposits, following a June 11 cyberattack that resulted in an estimated loss of between $15 million and $20 million.
The platform’s confirmation came today (Thursday) in a tweet. The crypto brokerage platform closed all third-party accounts and migrated wallets when the hack was discovered. The suspension of trading, withdrawals and deposits came as a successive step as “excessive caution”. It further highlighted that separate accounts on its platform had limited the impact of the attack.
2/5 Separation of our accounts limited the overall impact of the attack. We have stopped 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 array (fpgcrypto) June 14, 2023
Floating Point Group operates internationally and provides its institutional clients with access to the cryptocurrency markets. The company and its clients have $50 billion in assets, according to FPG.
The brokerage also took steps against protecting against hacks and was awarded an SOC 2 certification last December, which came after consultation with cybersecurity firm Prescient Auditors. SOC 2 certification ensures the overall integrity of a company’s internal data controls.
The investigation is underway
The platform is now investigating the security breach. It also contacted US law enforcement agencies, including the FBI, and the Department of Homeland Security, as well as regulators.
“As this is an ongoing investigation with law enforcement, we are unable to share details at this time,” FPG stated in a tweet.
“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 soon as they are available. We are now working around the clock to investigate this incident, ensure the security of our systems, and recover assets.
– floating point array (fpgcrypto) June 14, 2023
Cryptocurrency brokerage Floating Point Group (FPG) has suspended all activity on its platform, including trading, withdrawals and deposits, following a June 11 cyberattack that resulted in an estimated loss of between $15 million and $20 million.
The platform’s confirmation came today (Thursday) in a tweet. The crypto brokerage platform closed all third-party accounts and migrated wallets when the hack was discovered. The suspension of trading, withdrawals and deposits came as a successive step as “excessive caution”. It further highlighted that separate accounts on its platform had limited the impact of the attack.
2/5 Separation of our accounts limited the overall impact of the attack. We have stopped 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 array (fpgcrypto) June 14, 2023
Floating Point Group operates internationally and provides its institutional clients with access to the cryptocurrency markets. The company and its clients have $50 billion in assets, according to FPG.
The brokerage also took steps against protecting against hacks and was awarded an SOC 2 certification last December, which came after consultation with cybersecurity firm Prescient Auditors. SOC 2 certification ensures the overall integrity of a company’s internal data controls.
The investigation is underway
The platform is now investigating the security breach. It also contacted US law enforcement agencies, including the FBI, and the Department of Homeland Security, as well as regulators.
“As this is an ongoing investigation with law enforcement, we are unable to share details at this time,” FPG stated in a tweet.
“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 soon as they are available. We are now working around the clock to investigate this incident, ensure the security of our systems, and recover assets.
– floating point array (fpgcrypto) June 14, 2023
