A spokesman from CoinDesk reported that Floating point Group (FPG), a cryptocurrency-focused institutional trading desk, was the victim of a cyberattack on Sunday, 11th June, which caused a crypto loss between $15 and $20 million.

Hacks and breaches can occur to any crypto firm. FPG took steps to make sure it was secure. In December last year, the company hired outside auditors for a series cybersecurity audits and pentesting. This earned FPG a SOC 2 certificate.

FPG immediately locked down all accounts belonging to third parties and all wallets after discovering the breach. According to the firm, the segregation of accounts by the company limited the impact of the attack.

A FPG spokesman stated via direct message that “we have ceased trading and deposits, as we are being extra cautious.” “We’re working with the FBI and Department of Homeland Security as well as our regulators, Chainalysis, to determine how this happened and recover assets.”