FPG, a crypto prime broker, lost up to $20M in a cyber attack.

On Sunday, June 11, Floating Point Group (FPG), a trading desk that specializes in cryptocurrencies, was the victim of a cyber attack. The attack resulted in the loss of between $15 million and $20 million worth of cryptocurrency. A spokesperson for the company confirmed this to blockchain.

It is relatively common for cryptocurrency firms to experience hacks and breaches, and this can happen to almost any company. However, FPG had taken steps to protect itself by engaging outside auditors for a series of cybersecurity audits and penetration testing in December of 2020. As a result, the company was able to earn a SOC 2 certification.

After discovering the security breach, FPG locked all third-party accounts and secured all wallets. The impact of the attack was limited due to the company’s account segregation.

“We have ceased trading, deposits and withdrawals, out of an abundance of caution,” an FPG spokesperson said via direct message. “We are working with the FBI, the Department of Homeland Security, our regulators and Chainalysis to understand how this occurred and to recover assets.”

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