Suspension Services Of Floating Point Group After Hacking Costs Up To $20 Million

Crypto brokers estimate losses at $15-20 million.

Floating Point Group ( Photo: CoinDesk )

Floating Point Group has notified customers that withdrawals have been suspended following the June 11th security breach

Crypto brokerage firm Floating Point Group has confirmed that it has suspended trading, withdrawals, and deposits on its platform after being hit by a cyberattack on June 11. FPG estimates that the attack cost him $20 million to $15 million in total. The platform confirmation was announced via a tweet today (Thursday). Once the cryptocurrency brokerage platform discovered the breach, it suspended all third-party accounts and migrated wallets. The company further noted that the account isolation limited the “overall impact” of the attack.

The international brokerage offers institutional investors access to cryptocurrency markets

Recent developments are unlikely to boost institutional appetite for the crypto sector, which has already suffered from deteriorating market conditions and increasing hostility from regulators. Additionally, the brokerage firm obtained SOC 2 certification last December after discussions with cybersecurity firm Prescient Auditors, taking steps to protect against hacks and security breaches.

The platform is currently under investigation for a security breach. We have also contacted US law enforcement agencies, including the Federal Bureau of Investigation, the Department of Homeland Security, and regulatory agencies.

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