Crypto Prime Brokerage FPG Loss $20 Million Because Of Cyber Security Incident

Key Points:

• On Sunday, FPG experienced a cyber security incident.
• Upon discovery, the company locked all third-party accounts and migrated and secured all wallets.
• The company estimates between $15 million and $20 million in crypto lost.

After a cyber security incident on Sunday, Floating Point Group (FPG), a crypto prime brokerage, halted trading, deposits, and withdrawals.

Once it had a clearer understanding of the nature and circumstances of the event, the company froze all third-party accounts and moved and protected all wallets. The event was also verified on Twitter.

Upon the discovery of the event, FPG began collaborating with third-party forensics specialists and law enforcement. Although the loss is still being researched and studied, the FPG team believes it is between $15 million and $20 million in cryptocurrency lost.

Six months ago, the company announced that it had acquired a SOC 2 (Service Organization Control 2) certification, a recognized standard that evaluates a service organization’s application of security, privacy, and other controls, assuring dependability in managing sensitive data and systems.

Floating Point Group is a crypto prime brokerage platform and agency trading desk for asset managers that overcomes the constraints and complexities associated with obtaining liquidity across a wide range of markets in order to apply innovative cryptocurrency-centric strategies at scale. The firm provides insurance for cryptocurrency custodians and is licensed in the United States; FPG has also obtained VASP registration in the Cayman Islands.

FPG is accelerating the expansion of the crypto economy in order to reshape finance. Treasury management, liquidity and trade execution, direct market access, and other services are available via its trading operations platform. Floating Point Group was established in 2018 and is headquartered in Singapore, Singapore.

Tribe Capital, Coinbase Ventures, FAST by GettyLab, Borderless Capital, CapitalX, Formulate Ventures, BoxOne Ventures, Seabury Global Markets, AngelList’s Naval Ravikant, and a slew of other angel and institutional investors support FPG.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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