Crypto Prime Broker FPG Loses Up to $20M in Cyber Attack

Floating Point Group (FPG), an institutional trading desk specializing in cryptocurrencies, suffered a cyber attack on Sunday, June 11, which resulted in a loss of between $15 million and $20 million in crypto, a spokesman for the firm told CoinDesk.

Hacks and breaches are relatively common occurrences in crypto that can happen to almost any firm. That said, FPG had taken steps to ensure it was safe, having engaged outside auditors in December of last year for a series of cybersecurity audits and penetration testing, successfully earning the firm a SOC 2 certification.

After discovering the security breach, FPG locked all third party accounts and secured all wallets. The firm’s account segregation limited the overall impact of the attack, it said.

“We have ceased trading, deposits and withdrawals, out of an abundance of caution,” an FPG spokesman 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.”