{"id":52269,"date":"2023-06-15T18:41:02","date_gmt":"2023-06-15T22:41:02","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=52269"},"modified":"2023-06-15T18:41:41","modified_gmt":"2023-06-15T22:41:41","slug":"floating-point-group-halts-services-following-20m-hack","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/floating-point-group-halts-services-following-20m-hack\/","title":{"rendered":"Floating Point Group Halts Services, Following $20M Hack"},"content":{"rendered":"\n

Floating Point Group (FPG) has banned fund deposits and withdrawals <\/a>on its platform due to a security compromise.<\/p>\n\n\n\n

\"Floating
Floating Point Group Halts Services, Following $20M Hack<\/figcaption><\/figure>\n\n\n\n

Floating Point Group (FPG), a brokerage firm for digital assets<\/a> in Southeast Asia and Asia Pacific (APAC), has stopped fund deposits and withdrawals on its platform due to a security breach. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

FPG targeted by hackers <\/h2>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

In December of the previous year, FPG underwent a comprehensive assessment by Prescient Assurance and received SOC 2 accreditation\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>. The company enlisted the services of CertiK, a leading blockchain security firm. They conducted a thorough examination of its cybersecurity measures.<\/p>\n\n\n\n

\n

1\/5 On Sunday, we experienced a cyber security incident.\u00a0Upon discovery, we locked all third party accounts and migrated and secured all wallets until we better understand the scope and circumstances of this incident.<\/p>— Floating Point Group (@fpgcrypto) June 14, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

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.<\/p>\n\n\n\n

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<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":43,"featured_media":52271,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[14894,1496],"class_list":["post-52269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-floating-point-group","tag-hack"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/06\/croc_1686862029749.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/52269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=52269"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/52269\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/52271"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=52269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=52269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=52269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}