Floating Point Group (FPG), a cryptocurrency trading platform that provides primary brokerage services to institutional investors, announced on Sunday that it suffered a cyberattack that resulted in losses of between $15 million and $20 million in cryptocurrencies.
Cryptocurrency Company FPG Suspends Withdrawals
The startup said it discovered the security breach Sunday in a series of tweets and immediately locked all third-party accounts and moved and secured all wallets until it had a better understanding of the scope and circumstances of the incident.
FPG said in a statement that the move of accounts limited the overall impact of the attack and stopped trading, deposits and withdrawals as a precautionary measure. He also said that he informed the security forces and actively cooperated with them on this issue.
"Although the loss at this point is still being investigated and analyzed, the amount of cryptocurrencies lost as we understand it today is between $15 million and $20 million," FPG tweeted.
FPG added that it worked with the FBI, Department of Homeland Security, regulators and Chainalysis, a blockchain analysis company, to understand how the incident occurred and recover assets. He said he could not share details at this time due to the ongoing investigation with law enforcement:
“We will share updates as they become available. We are currently working day and night to investigate this incident, secure our systems and save our assets.”
The cyberattack against FPG represents the latest in a series of security incidents plaguing the cryptocurrency industry where billions of dollars worth of digital assets have been stolen or lost due to hacks, fraud or human error.
*Not investment advice.