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FPG Crypto Prime Brokerage Suspends Withdrawals

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Floating Point Group became the victim of a cyber-attack which made it halt its operations.

Just 6 months ago, the Floating Point Group announced engaging Prescient Assurance, an external auditor to perform several cyber security audits.

Also to run penetration testing which they did successfully and were able to gain a SOC 2 certification.

To get an in-depth cyber security audit of FPG’s FlowVault platform, the firm also collaborated with Certik.

Certik is a guru in blockchain security and known to carry out high-level audits.

READ ALSO: Bitcoin is now a legal payment option in many Costa Rican stores

The Floating Point Group was anticipating publicly publishing the audit results for independent verification through Certik’s website immediately after they are finished.

Even though hacks have become the norm recently in the cryptocurrency industry, FPG isn’t anticipating becoming a victim itself since it has conducted extensive due diligence on its systems.

FPG Succumbs to Cyber-Attack, Halting Operations

Floating Point Group announced the attack on Twitter that their systems have suffered a hack.

They also posted that the company is cooperating with the investigators to examine and analyze the rate of the loss the firm suffered.

Meanwhile, the estimated loss of assets suffered by the company is around $15 million to $20 million.

According to the report, about “2/5 of the company’s account segregation prevented the total impact of the attack.

As a result, we are halting withdrawals, deposits, and trading to be highly cautious. At last, we have informed the law enforcement and they are cooperating actively with us in this matter”.

How Is FPG Handling the Attack?

Due to the attack, the Floating Point Group announced that it has stopped all of its trading, withdrawals, and deposit activities.

The decision was taken to allow for a thorough investigation into the matter.

This recent cyber-attack increases this year’s list of scams with the latest one targeting Ethereum.

According to the company, after they learned of the attack, FPG immediately locked down every 3rd party account and removed the contents of these accounts to minimize risks while the company tried to find out what happened.

The company further said that the attack on them and its impact would have been worst if they had applied another operational dynamic than the distinctive one of the “account segregation” method.

Is FPG’s VASP Registration In Danger?

Due to the attack, the FPG’s VASP (Virtual Asset Service Provider) registration in the Cayman Islands which the company acquired last year in August is in jeopardy.

The firm has only managed to get 100 clients at the time of the attack.

The VASP registration enabled the company to store the client’s assets safely while assuring that in any eventuality of the company going bankrupt, these assets will be protected from its creditors.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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