On June 11th, 2023, Floating Point Group was hit by a devastating cyber attack that resulted in the suspension of all trading, deposits, and withdrawals. The attack is estimated to have caused losses between $15 million to $20 million. FPG has announced its collaboration with the FBI and the Department of Homeland Security to recover the lost assets.
Advancements in software technology have provided tools that can trace transactions on the blockchain ledger, making it increasingly difficult for cyber criminals to remain anonymous. FPG remains optimistic that it can recover its stolen currency through regulatory channels and advanced chain analysis techniques.
The cyber attack on FPG serves as a reminder of the importance of robust cybersecurity measures within the cryptocurrency industry. FPG’s experience should serve as a catalyst for heightened security practices across all platforms, ensuring the protection of user funds and maintaining trust within the crypto community.
It is worth noting that cyber attacks with the potential to steal cryptocurrencies are often attributed to countries like North Korea and state-funded actors. The ongoing conflict between Russia and Ukraine since February 2022 has resulted in imposing trading sanctions on Russia, potentially motivating a state-funded actor to launch the digital attack, aiming to meet their currency requirements by utilizing stolen crypto assets.
Key points:
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– Floating Point Group was hit by a devastating cyber attack causing losses between $15 million to $20 million.
– Advancements in software technology have provided tools that can trace transactions on the blockchain ledger.
– Cyber attacks with the potential to steal cryptocurrencies are often attributed to countries like North Korea and state-funded actors.
– The cyber attack on FPG should serve as a catalyst for heightened security practices across all platforms in the cryptocurrency industry.