Crypto prime broker FPG loses $15M+ in cyber attack, halts trading and withdrawals Crypto prime broker FPG loses $15M+ in cyber attack, halts trading and withdrawals
FPG said it is working with law enforcement agencies and Chainalysis to recover the stolen assets.
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Updated: Jun. 15, 2023 at 11:07 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto prime brokerage Floating Point Group (FPG) lost over $15 million in cryptocurrencies to a June 11 cyber security incident, according to a June 14 statement.
FPG announced that it had halted trading, deposits, and withdrawal activities in response to the incident and has contacted law enforcement agencies for assistance.
FPG stated it had immediately locked all third-party accounts and secured all wallets upon discovery of the attack. According to the firm, this measure would remain in place until it “better understands the scope and circumstances of this incident.”
FPG said:
“We are working with the FBI, the Department of Homeland Security, our regulators, and Chainalysis to understand how this occurred and to recover assets. As this is an ongoing investigation with law enforcement, we cannot share specifics at this time.”
FPG has not disclosed which cryptocurrencies were stolen during the incident and has not yet provided further comments to CryptoSlate’s request as of press time.
Last year, FPG said it earned a SOC 2 certification after a series of cybersecurity audits and penetration testing from an extensive audit by Prescient Assurance. At the time, the company also said it engaged the services of CertiK, a blockchain security firm, for a comprehensive cybersecurity audit of its FlowVault platform.
FPG, founded at the Massachusetts Institute of Technology, has received backing from high-profile investors such as Tribe Capital and Coinbase Ventures, as reported by Wu Blockchain.
The firm’s website does not show a list of its clients. However, it states that its customers manage over $50 billion.
FPG is a crypto prime brokerage platform providing institutions access to centralized and decentralized crypto services through its Flowvault product.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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CertiK
Founded in 2018 by professors of Yale University and Columbia University, CertiK is a pioneer in blockchain security, utilizing best-in-class AI technology to secure and monitor blockchain protocols and smart contracts.