Cryptocurrency brokerage Floating Point Group announced a cybersecurity incident in a series of tweets. FPG said it has temporarily suspended trading, deposits and withdrawals as a measure to prevent the problem from getting worse.
Floating Point Group (FPG) also noted that they quickly secured all third-party wallets and accounts when they discovered the attack.
FLOATING POINT GROUP COOPERATION WITH CHAINALYSIS
Floating Point Group (FPG) confirmed that the network issue occurred on Sunday. Upon detecting the security issue, FPG promptly locked all third-party accounts. While investigating the scope of the breach, FPG noted that account segregation limited the overall impact of the attack. They have temporarily suspended trading, deposits and withdrawals as a precautionary measure.
Floating Point Group (FPG) announced that it has begun working with law enforcement agencies such as the FBI and the Department of Homeland Security to recover lost assets. While the exact loss is yet to be determined, FPG’s initial estimates suggest that between $15 million and $20 million in cryptocurrency were stolen. Floating Point Group is also working with leading cybersecurity company Chainalysis to determine the cause of the crash and improve system security.
According to information from prnewswire, in December last year, after the Prescient Assurance inspection, Floating Point Group obtained the SOC 2 Type 1 certification. This certification confirms FPG’s commitment to strong security protocols. robust and data protection for their main brokerage platform. FPG has also partnered with CertiK to conduct careful cybersecurity testing of their FlowVault platform.
During its ongoing investigation, FPG has limited sharing of specific details regarding the cyberattack. The company said it will provide updates as they become available. Currently, FPG is working non-stop to investigate incidents, ensure system security, and recover assets.
NETWORK HASSES CONTINUE Haunting Cryptocurrencies
Cyberattacks are still prominent in the crypto industry.
Recently, PeckShield reported on an attack on the Keep3r Network (KP3R). Along with that, BlockSec detected an attack against the sturdy decentralized finance protocol. Sturdy lost about 442 ETH in this attack. The attacker took advantage of a technical vulnerability to manipulate a faulty price oracle and withdraw funds from it.
Atomic Wallet also announced that their investors lost around $100 million due to the breach.
The recent breach of the Twitter account of Ben Armstrong, a crypto influencer, resulted in the promotion of fake tokens. Previously, the community witnessed the loss of non-fungible tokens (NFTs), stablecoins, and other crypto tokens after Orbiter Finance’s Discord server was hacked.
Since then, the market has experienced a markedly bearish wave, shown on the daily chart. According to data from CoinGecko, Bitcoin is down 4% on the daily chart, while Ethereum is down nearly 7%. Total crypto market capitalization fell by nearly 4%, to nearly $1 trillion.
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