The crypto community is concerned about safety and security after a cyber-attack on Floating Point Group (FPG) resulted in a loss of $15 to $20 million, suspending withdrawals, deposits, and trading. The company is working diligently to recover assets and cooperate with law enforcement and agencies like the FBI and DHS. This incident highlights the need for stronger security measures in decentralized finance platforms.
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FPG Cyberattack: A Wake-Up Call on Cryptocurrency Security and Audits
The recent cyberattack on Floating Point Group, resulting in a loss of $15-$20 million in crypto, raises concerns regarding the effectiveness of current security measures, certifications, and audits in protecting digital assets. As the industry evolves, collaboration and comprehensive security strategies are crucial to address the ever-present challenges of securing cryptocurrencies.
Bitcoin Crash: Short-term Holders Counting Losses while Long-term Hodlers Unfazed
“According to analytics firm Glassnode, 88% of short-term Bitcoin investors have seen a drastic reshaping of their expected profitability due to the flash crash to $26,000. Only 11.7% report their investments are still profitable. This market turbulence underscores the need for careful investment strategies and proactive risk management.”
DCG and Gemini: Unraveling the Legal Brawl Shaping the Crypto Universe’s Future
The ongoing legal battle between Digital Currency Group (DCG) and Gemini centers around Gemini’s accusation that DCG provided misleading data concerning the financial health of Genesis, a DCG subsidiary. Gemini alleges that DCG’s false information led to Genesis’s billion-dollar financial shortfall and the collapse of its lending scheme, Gemini Earn. DCG defends that Gemini’s claims are misconstrued and aims for the lawsuit dismissal.