Crypto Brokerage Firm FPG Halts Withdrawals After $20M Hack

FPG suspends transactions after a security breach leading to an estimated loss of $15M-$20M. Investigation with the FBI and Homeland Security is underway.

Written By:
Ronak Kumar

Crypto Brokerage Firm Fpg Halts Withdrawals After $20M Hack

An international cryptocurrency brokerage firm catering to institutional clients, Floating Point Group (FPG), has temporarily suspended its trading, withdrawals, and deposits following a cyberattack on June 11.

FPG estimates that the breach resulted in a significant loss ranging between $15 million and $20 million. As a precaution, FPG locked all third-party accounts and migrated wallets before deciding to halt operations.

FPG, known for managing its clients’ $50 billion in assets, has been actively collaborating with the Federal Bureau of Investigation (FBI), the Department of Homeland Security, regulators, and Chainalysis to investigate the incident and recover the stolen assets. 

However, due to the ongoing nature of the investigation, FPG has refrained from sharing specific details publicly.

The firm had previously undergone a voluntary cybersecurity audit by Prescient Auditors in December 2022, receiving its SOC 2 Type 1 certification, which verifies robust internal data controls. 

Despite this security measure, the cyberattack highlights the persistent challenges faced by the crypto industry, such as market volatility, regulatory scrutiny, and security vulnerabilities.

FPG’s proactive approach, cooperation with authorities, and commitment to recovering the assets demonstrate their dedication to protecting clients’ interests and maintaining the integrity of the crypto market.

Also Read: Prominent Trader Foils Complex Phishing Scam on Coinbase



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Ronak is a dedicated content writer with a keen eye for detail and a passion for blockchain and cryptocurrency. His interest in these fields was sparked through his work, and he continues to expand his knowledge in these areas. He loves to watch anime and binge watches during his free time.