Crypto Broker FPG Suspends Services After $15 Million Cyberattack

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Fredrik Vold

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October 22, 2023

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Floating Point Group (FPG), a crypto prime brokerage, has suspended all withdrawals, deposits and trading on its platform after suffering from a $15 million cyberattack over the weekend.

The firm said in a Twitter thread on Wednesday that although it had managed to limit the overall impact of the attack, operations were still being suspended “out of an abundance of caution.”

“We have notified law enforcement and are actively cooperating with them on this matter,” the firm noted.

FPG added that the FBI, the Department of Homeland Security, US regulatory agencies, and the blockchain intelligence firm Chainalysis had all been working on the investigation to figure out what happened.

2/5 Our account segregation limited the overall impact of the attack. We have ceased trading, deposits, and withdrawals, out of an abundance of caution. Finally, we have notified law enforcement and are actively cooperating with them on this matter.

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

The cyber-attack on FPG happened on Sunday, and the firm said it led to a loss “as we understand it today” of between $15 and $20 million worth of crypto.

The crypto broker noted, however, that the exact loss is “still being investigated and analyzed.”

“We will provide updates as they become available. Right now we are working around the clock to investigate this incident, ensure the security of our systems, and recover assets,” it said in a follow-up tweet.

FPG is a US-based crypto brokerage that offers institutional clients access to both centralized and decentralized crypto markets. The firm has been in business since 2018, making it a relatively long-standing brokerage in the world of crypto.

Cryptonews.com has reached out to FPG for a comment but has not yet received a response.