- It came after a cyberattack totaling $15-20 million
- Users cannot deposit or withdraw funds
- The company is working with law enforcement to recover assets
Cryptocurrency prime broker Floating Point Group (FPG) announced that trading on the platform has stopped. The decision was made after the hacker attack that took place on Sunday, June 11.
A spokesperson for the FPG confirmed the incident, noting that the company has taken measures to block all third-party accounts.. The broker also moved and protected all wallets until the situation was clarified.
According to a spokesman, the separation of FPG accounts helped limit the overall damage from the attack. The losses, which are still being investigated and analyzed, range from $15 million to $20 million.
The FPG is now working with a number of agencies, namely the FBI, the Department of Homeland Security, regulators and Chainalysis. They are trying to figure out how the attack happened and get back what was lost. A company spokesman said that no details of the investigation have been disclosed, as the investigation is being conducted by law enforcement agencies.. However, information will be updated when possible.
FPG was founded in 2018 and is a cryptocurrency prime brokerage platform that provides access to liquidity in various markets. In December, it announced that its blockchain fund clients account for 5% of the total asset management market.
The broker has backing from prominent investors, including Coinbase Ventures, Anthony Scaramucci’s SkyBridge Capital and AngelList founder Nawal Ravikanta. To date, the company has raised $12 million.