Floating Point Group Halts Operations After Cyber Attack
Floating Point Group, a prominent cryptocurrency trading platform, announced on Sunday that it had fallen victim to a cybersecurity incident. In response, the company swiftly implemented security measures by locking all third-party accounts and securing all wallets. Trading activities, as well as deposits and withdrawals, were halted as a precautionary measure.
2/5 Our account segregation limited the overall impact of the attack. We have ceased trading, deposits, and withdrawals, out of an abundance of caution. Finally, we have notified law enforcement and are actively cooperating with them on this matter.
— Floating Point Group (@fpgcrypto) June 14, 2023
Collaboration with Law Enforcement
The incident has been reported to law enforcement, and Floating Point Group is actively collaborating with the FBI, the Department of Homeland Security, regulators, and Chainalysis to investigate the attack and recover the lost assets. While the precise extent of the damage is still under investigation, initial estimates suggest that between $15 million to $20 million worth of cryptocurrencies have been lost. Due to the ongoing nature of the investigation, specific details about the incident cannot be disclosed at this time.
Floating Point Group reassured its users that their account segregation protocols helped limit the overall impact of the attack. The company expressed its commitment to working tirelessly to analyze the incident, enhance the security of its systems, and retrieve the compromised assets.
Recovery Efforts Underway
The cryptocurrency industry has become a lucrative target for cybercriminals, and incidents like this underscore the persistent challenges faced by platforms in safeguarding user funds. These security breaches not only result in financial losses but also erode confidence in the industry as a whole.
Floating Point Group’s response, including cooperation with law enforcement and regulatory agencies, demonstrates the seriousness with which the company is addressing the situation. The collaboration with reputable cybersecurity entities such as Chainalysis indicates a proactive approach to mitigating the attack’s consequences.
As the investigation progresses, Floating Point Group has pledged to provide updates on the incident as they become available. Users of the platform will eagerly await further information regarding the cybersecurity breach and the steps being taken to recover the lost assets.
