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- 1 FPG has ceased all trading, deposits, and withdrawals facilities related to accounts.
- 2 A cyber attack occurred on June 11, which accounts for a $20 Million loss in crypto.
Floating Point Group (FPG) has faced a recent cyber attack which leads to alertness in the institutional trading desk. As a result, FPG has locked all the crypto activities related with accounts to save the impact of the cyber loss.
Though cyber hacks and attacks are common these days, a lot of measures are taken by firms in order to safeguard themselves. FPG has also implemented safety measures, and after the safety audits, it earned the SOC2 type1 certification in December 2022.
The certification specifies how customer data should be managed on security, availability, and integrity by maintaining the confidentiality of the accounts and account holders.
FPG Initiated Talks with the FBI for Crypto Cyber Attack
After a security breach, FPG has locked all the third-party accounts. This step leads to the security of wallets and the segregation of the overall effect caused due to the attack.
FPG announced that after the cyber attack, they have taken the needed steps to control the losses by stopping any trading, withdrawals, and deposits for a limited time. They are in the process of finding the cause by initiating talks with the FBI, regulators, and Chainlink. The spokesperson from FPG stated they want to know how this happened, and how they can recover the assets.
The Floating Point Group, in their official statement on Twitter claimed the first step they have taken is to migrate, lock, and secure all the crypto accounts. They further added in a statement on how they are cooperating with the investigation and cannot reveal the details as the process is still in between.
The group will provide the updates when it becomes available, and when the investigation will be over. Now, they are working around the clock to find details.
Another major attack was seen recently on June 13th, where a cyber attack caused a severe loss of $100M. This acted as a massive shock for the cyber community highlighting the vulnerability arising due to cyber crimes. 5,500 crypto wallets were compromised.
Elliptic, a London-based blockchain service provider, has linked this cyber attack to the Lazarus Group, a North Korean group that converts stolen crypto into fiat currency. They are responsible for stealing $2 Billion in digital assets.
Cyber attacks are deliberate to cause financial loss. Lack of security, system vulnerability, and assessing the risks are some common causes for these attacks. Although FPG has taken defined security measures, it is on the way to know the exact reason behind this cyber breach.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
