Floating Point Group (FPG), an institutional trading desk specializing in cryptocurrencies, has suffered a significant cyber attack, resulting in a loss of between $15 million and $20 million in crypto assets. The breach occurred on Sunday, June 11, and was confirmed by a spokesman for FPG. While hacks and breaches are common in the crypto industry, FPG had previously taken precautions by engaging external auditors and obtaining a SOC 2 certification for cybersecurity.
Furthermore, FPG swiftly took action by locking all third-party accounts and securing its wallets. The firm’s account segregation strategy helped mitigate the overall impact of the attack. In response, FPG has suspended all trading, deposits, and withdrawals as a precautionary measure.
Additionally, FPG is actively working with law enforcement agencies, including the FBI and the Department of Homeland Security, as well as regulatory bodies and Chainalysis to investigate the incident and recover the stolen assets. The company’s spokesperson stated that they are determined to understand how the breach occurred and to take necessary steps for asset recovery.
This incident highlights the ongoing risks faced by cryptocurrency firms and the importance of robust security measures in safeguarding digital assets. FPG’s response demonstrates their commitment to addressing the breach and cooperating with relevant authorities to mitigate the impact on their clients and recover the stolen funds.
