Floating Point Group (FPG) About $15M To $20M Stolen After A Massive Attack

Key Points:

• Millions of dollars in crypto were stolen from Floating Point Group (FPG) in a massive cyber attack.
• Trading, deposits, and withdrawals stop working as FPG takes steps to ensure security.
• Damages can range from $15 million to $20 million.

The main crypto brokerage group Floating Point Group (FPG), experienced a cybersecurity incident, and it stopped trading, deposits, and withdrawals, causing losses ranging from $15 million to $20 million.

Millions of dollars in crypto were stolen from Floating Point Corporation in a massive cyber attack – trading, deposits, and withdrawals shut down.

Floating Point Group is a leading crypto brokerage platform and dealer trading desk for asset managers. It eliminates barriers and complexities to access liquidity across multiple markets to deploy strategies focused on cutting-edge crypto-currencies at scale.

According to the official announcement from the project, on Sunday, the project experienced a cybersecurity incident. Upon discovery, the development team locked all third-party accounts and migrated and secured all wallets until the scope and circumstances of this incident were better understood.

Although the loss at this time is still being investigated and analyzed, the damage figure can be estimated from $15 million to $20 million in lost cryptocurrencies.

“While the loss at this point is still being investigated and analyzed, the number as we understand it today is between $15M-$20M in cryptocurrencies lost.”

Floating Point Group is working with the FBI, the Department of Homeland Security, our regulators, and Chainalysis to understand how this happened and to recover assets. Because this is an ongoing investigation with law enforcement, the project cannot share specifics now.

“We will provide updates as they become available. Right now we are working around the clock to investigate this incident, ensure the security of our systems, and recover assets.”

Previously, FPG took steps to ensure security, including participating in external auditors and obtaining SOC 2 certification. The FPG team was from MIT and had once received a $10 million investment from Tribe Capital, Coinbase Ventures, and more.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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