Institutional crypto broker FPG halts withdrawals after $20M cyberattack

Floating Point Group (FPG) Halts Withdrawals After Cyberattack

Floating Point Group (FPG) recently suffered a devastating cyberattack, resulting in the theft of $20 million worth of digital assets. The attack has caused FPG to halt all withdrawals from its platform, as the company works to secure its systems and investigate the incident.

The attack, which occurred on the night of April 14th, was discovered by FPG the following morning. In a statement, the company said that it had taken “immediate steps to secure its systems and investigate the incident.”

FPG is an institutional crypto broker that enables its clients to securely buy, sell, and store digital assets. The company has been in operation since 2018 and has offices in London, New York, and Singapore. It is one of the largest crypto brokers in the world, with over $1 billion in assets under management.

The cyberattack has caused FPG to suspend all withdrawals from its platform, as it works to secure its systems and investigate the incident. The company said that it is working with law enforcement and cybersecurity experts to investigate the attack and recover the stolen funds.

The incident is a major blow to FPG, and it will likely take some time for the company to recover from the attack. In the meantime, the company is urging its customers to remain vigilant and to report any suspicious activity.

Impact of the Cyberattack

The cyberattack on the Floating Point Group (FPG) has had a significant impact on the company and its customers. The most visible consequence of the attack was the temporary suspension of withdrawals, which FPG implemented in order to protect its customers’ funds. This was necessary in order to prevent further losses, as the attack had already resulted in the loss of $20 million in funds.

In order to prevent future attacks, FPG has implemented a number of security measures. These include additional layers of authentication, improved monitoring of customer activity, and enhanced security protocols. Additionally, FPG has hired a team of experts to investigate the attack and develop strategies to prevent similar incidents in the future.

The cyberattack on FPG has had a significant impact on the company and its customers. The temporary suspension of withdrawals, the loss of funds, and the implementation of new security measures are all direct results of the attack. It is important for FPG to take the necessary steps to protect its customers and prevent future attacks.