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Floating Point Group suspends withdrawals following $20m hack 

floating-point-group-suspends-withdrawals-following-20m-hack
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Floating Point Group suspends withdrawals following $20m hack 

Floating Point Group (FPG) has suspended fund deposits and withdrawals on its platform citing a security breach.

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.

FPG targeted by hackers 

Floating Point Group (FPG), a digital assets brokerage company headquartered in Southeast Asia and Asia Pacific (APAC), has indefinitely suspended fund withdrawals, due to a cyber security attack it encountered on June 11.

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.

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.

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.

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 CertiK, a leading blockchain security company, for an extensive cybersecurity audit of its vaults.

FPG says it’s currently working with law enforcement agents, and Chainalysis 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.

While recent research reports have it that crypto hacks decreased by 70% during the first quarter of 2023, security breaches remain a major cause of concern for web3 market participants.