Crypto prime brokerage Floating Point Group (FPG) has suffered a significant loss of over $15 million in cryptocurrencies as a result of a cyber security incident on June 11, according to a statement released on June 14.
In response to the incident, FPG has taken immediate action by suspending all trading, deposits, and withdrawal activities. The company has also reached out to law enforcement agencies for assistance in investigating the matter. Upon discovering the attack, FPG promptly secured all wallets and locked all third-party accounts involved. These security measures will remain in place until a thorough understanding of the incident’s scope and circumstances is obtained.
FPG is actively collaborating with the FBI, the Department of Homeland Security, regulators, and Chainalysis to comprehend the nature of the breach and initiate efforts to recover the stolen assets. Due to the ongoing investigation, FPG cannot provide specific details at this time. Additionally, the company has not disclosed the exact cryptocurrencies that were stolen and has yet to respond to CryptoSlate’s request for further comments.
In the previous year, FPG underwent a series of cybersecurity audits and penetration testing, leading to the acquisition of an SOC 2 certification. Prescient Assurance conducted an extensive audit, while CertiK, a blockchain security firm, performed a comprehensive cybersecurity audit of FPG’s FlowVault platform.
Floating Point Group, originally founded at the Massachusetts Institute of Technology, has garnered support from prominent investors such as Tribe Capital and Coinbase Ventures, as reported by Wu Blockchain. Although the company’s website does not list its clients, it asserts that its customers collectively manage over $50 billion.
FPG operates as a crypto prime brokerage platform, offering institutions access to both centralized and decentralized crypto services through its Flowvault product.