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The cryptocurrency community was taken aback when Floating Point Group (FPG), a prominent global crypto brokerage, revealed that it had fallen victim to a severe cyberattack, leading the company to temporarily halt all trading, deposits, and withdrawals. Four days ago, on June 11, hackers exploited FPG's security system, causing estimated damages ranging from $15 to $20 million.
Upon discovering the security vulnerability, FPG took immediate action by securing all third-party accounts and transferring funds to new wallets. Additionally, the company suspended trading activities as an extra precautionary measure. FPG is widely recognized for its access to cryptocurrency markets and its service to numerous institutional clients. With a total of $50 billion in assets under management, FPG has become a prominent figure in the cryptocurrency industry.
However, this cybersecurity incident could potentially have a chilling effect on institutional involvement in the cryptocurrency sector, which is already facing challenging market conditions and increased regulatory scrutiny.
Just six months ago, in December 2022, FPG had partnered with Prescient Auditors to enhance its cybersecurity measures, earning a SOC 2 Type 1 certification. This certification validates a firm's internal data controls, reinforcing its security protocols.
The company has stated that it is actively collaborating with federal agencies, including the FBI and the Department of Homeland Security, as well as Chainalysis and regulators, to investigate the security breach and recover the lost assets.
Due to the ongoing investigation and FPG's cooperation with law enforcement, the company is refraining from sharing further details regarding the incident. The resolution and implications of this security breach could have far-reaching consequences, not only for FPG but also for the broader cryptocurrency trading landscape.
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