Pacific

Kevin

Read

<p class="is-style-lead">Floating Point Group (FPG) has suspended fund deposits and withdrawals on its platform citing a security breach. </p>



<p class="is-style-default">The company claims that between $15 million to $20 million has been stolen from its coffers and it’s now collaborating with law enforcement agents to investigate the heist.</p>



<h2 class="wp-block-heading" id="fpg-targeted-by-hackers">FPG targeted by hackers&nbsp;</h2>



<p>Floating Point Group (FPG), a digital assets brokerage company headquartered in <a href="https://crypto.news/visa-64-southeast-asian-crypto-payments/">Southeast Asia</a> and Asia Pacific (APAC), has indefinitely suspended fund withdrawals, due to a cyber security attack it encountered on June 11.</p>



<p>According to a Twitter thread by FPG, upon discovering the security breach, it froze all third-party accounts under its custody and migrated funds to more secure wallets. </p>



<p>Though the team claims its account segregation system cushioned the impact of the attack, the bad actors however managed to steal between $15 million to $20 million.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe title="Crypto News: Ethereum Worries, Atomic Wallet Hack, INJ, LDO, &amp; MORE!!" width="1020" height="574" src="https://www.youtube.com/embed/6PhCxaS_LEY?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>Founded in 2018 by John Peurifoy, Kevin March, and Van Phu, FPG claims to eliminate the barriers to liquidity access across a vast array of markets, in order to deploy advanced crypto strategies at scale.</p>




    <p>
        You might also like:

        <a href="https://crypto.news/hacking-the-hacker-unveiling-bitboy-cryptos-recent-scandals/ ">
            Hacking the hacker: Unveiling BitBoy crypto’s recent scandals         </a>
    </p>




<p>Last December, FPG secured a SOC 2 certification following what it described as an extensive audit by Prescient Assurance. The crypto-focused prime brokerage also engaged <a href="https://crypto.news/certik-freezes-160k-stolen-in-merlin-dex-insider-rug-pull/">CertiK</a>, a leading blockchain security company, for an extensive cybersecurity audit of its vaults.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">1/5 On Sunday, we experienced a cyber security incident. Upon discovery, we locked all third party accounts and migrated and secured all wallets until we better understand the scope and circumstances of this incident.</p>&mdash; Floating Point Group (@fpgcrypto) <a href="https://twitter.com/fpgcrypto/status/1669048609000816640?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 14, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>FPG says it&#8217;s currently working with law enforcement agents, and <a href="https://crypto.news/chainalysis-says-mixers-laundered-7-8b-in-2022/">Chainalysis</a> to unravel the mystery behind the security breach and possibly recover the assets and has pledged to release more updates on the matter as they become available.</p>



<p>While recent research <a href="https://crypto.news/crypto-hacks-decreased-by-70-in-q1-2023-research-reveals/">reports</a> have it that crypto hacks decreased by 70% during the first quarter of 2023, security breaches remain a major cause of concern for <a href="https://crypto.news/reimagining-social-media-with-web3-insights-from-money20-20/">web3</a> market participants.</p>




    <p>
        Read more:

        <a href="http://Stolen crypto from Atomic https://crypto.news/stolen-crypto-from-atomic-wallet-traced-to-north-korean-linked-mixer/">
            Stolen crypto from Atomic Wallet traced to North Korean-linked mixer          </a>
    </p>

Floating Point Group suspends withdrawals following $20m hack

Table of Contents

crypto.news

Other articles published on Jun 15, 2023

Polkadot (DOT) Welcomes New Era as Governance Platform Launches

[Asia Tech 2023] Exploring the Intricacies of AR/VR, Metaverse & Web3

Federal Reserve's Lending Program Experiences High Demand as Borrowings Surpass $100 Billion

Crypto Lender Celsius Revises Bankruptcy Plan in Light of New Deal

Ripple's XRP Prices Witness a Minor Dip Following Release of SEC Documents

Ripple Partners With Colombia’s Banco de la República to Enhance Payment System With Blockchain

Join our free newsletter for daily crypto updates!