Floating Point Group (FPG), a cryptocurrency brokerage firm, confirms temporary suspension of trading, withdrawals, and deposits on its platform following a security breach on June 11. FPG estimates the attack to have caused damages ranging from $15 million to $20 million.
In a tweet on June 15 from FPG’s official Twitter account, the company stated that upon discovering the security vulnerability, they immediately locked all third-party accounts and moved funds to secure wallets. Subsequently, they temporarily halted trading, deposits, and withdrawals as a precautionary measure.
FPG is an international brokerage firm that provides institutional clients with access to cryptocurrency markets. According to their website, FPG manages over $50 billion in customer assets.
In December 2022, FPG underwent a security audit conducted by cybersecurity firm Prescient Auditors and obtained SOC 2 Type 1 security certification. This certification verifies the overall safety of a company’s operations.
“We are working with the FBI, Homeland Security, our regulators, and Chainalysis to understand how this occurred and recover the assets,” FPG stated in a further comment.
FPG also noted that due to the ongoing nature of the investigation involving relevant authorities, they are unable to disclose any further information.
Recently, a series of crypto companies have imposed restrictions on customer withdrawals and deposits. Prior to FPG, Haru Invest and lending platform Delio had suspended withdrawals and deposits for various reasons. Additionally, Prime Trust’s subsidiary, Banq, also filed for bankruptcy due to challenging circumstances.