FPG, a crypto broker, stops withdrawals due to a $20M cyberattack.

The cryptocurrency brokerage firm, Floating Point Group, has announced that it has stopped all trading, withdrawals, and deposits on its platform following a cyberattack on June 11. The attack is estimated to have resulted in a total loss of between $15 million and $20 million.

On June 15, Floating Point Group’s official Twitter account tweeted that upon discovering the security breach, the firm locked all third-party accounts and migrated wallets. It later stopped all trading, deposits, and withdrawals as a precaution.

1/5 On Sunday, we experienced a cyber security incident. Upon discovery, we locked all third party accounts and migrated and secured all wallets until we better understand the scope and circumstances of this incident.

— Floating Point Group (@fpgcrypto) June 14, 2023

The firm also noted that its account segregation “limited the overall impact” of the attack.

Floating Point Group is an international brokerage firm that provides institutional clients with access to cryptocurrency markets. According to its website, the firm and its clients manage $50 billion in assets.

This latest cyberattack is not expected to boost institutional appetite for the cryptocurrency sector, which has already been affected by declining market conditions and increased regulatory hostility.

In December 2022, Floating Point Group voluntarily sought the services of cybersecurity firm Prescient Auditors and received its SOC 2 Type 1 certification. This certification is an official audit that verifies a firm’s overall data control safety.

“We are working with the FBI, the Department of Homeland Security, our regulators, and Chainalysis to understand how this occurred and to recover assets,” wrote Floating Point Group in a subsequent comment.

Related: North Korean hackers swipe over $100M from Atomic Wallet users

The firm also noted that due to the ongoing nature of the investigation with law enforcement agencies, it couldn’t publicly share any additional details.

Cointelegraph has contacted Floating Point Group for further information regarding the attack but has not yet received a response.

Magazine: Tornado Cash 2.0 — The race to build safe and legal coin mixers

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