Floating Point Group (FPG) has banned fund deposits and withdrawals on its platform due to a security compromise.
Floating Point Group (FPG), a brokerage firm for digital assets in Southeast Asia and Asia Pacific (APAC), has stopped fund deposits and withdrawals on its platform due to a security breach.
The company states that a sum of $15 million to $20 million has been stolen from its bank accounts. FPG is currently cooperating with law enforcement authorities to investigate the theft.
FPG targeted by hackers
FPG immediately took action after discovering the security flaw by freezing all third-party accounts and moving funds to more secure wallets. Although their account segregation system helped mitigate the hack’s impact, the thieves still managed to steal a significant amount of money.
John Peurifoy, Kevin March, and Van Phu founded FPG in 2018 to facilitate the large-scale implementation of advanced crypto strategies and improve access to liquidity across various markets.
In December of the previous year, FPG underwent a comprehensive assessment by Prescient Assurance and received SOC 2 accreditation. The company enlisted the services of CertiK, a leading blockchain security firm. They conducted a thorough examination of its cybersecurity measures.
To address the security breach and recover the stolen assets, FPG is collaborating with Chainalysis. They have pledged to share more information as it becomes available.
Although there has been a 70% decrease in crypto-related breaches during the first quarter of 2023. However, security breaches remain a significant concern for participants in the web3 market.
