RATE Group | Nearly $10bn worth of cryptocurrency was stolen in the past three years
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Nearly $10bn worth of cryptocurrency was stolen in the past three years

04 Mar Nearly $10bn worth of cryptocurrency was stolen in the past three years

Posted at 22:37h in Cryptocurrency News by

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The $245bn cryptocurrency industry needs to do more to secure its digital assets if it wishes to continue to grow according to a new report from KPMG.

Since 2017, hackers have stolen at least $9.8bn in digital assets as a result of weak security or poorly written code, the accounting firm said in its report titled “Cracking Crypto Custody”.

As institutional investors have adopted cryptocurrencies such as Bitcoin and Ethereum, this has led to a competition for a place in their portfolios and safeguarding these digital tokens is more important than ever. Co-author of the report and co-leader of KPMG’s cryto-asset services, Sal Ternullo explained why security is holding investors back from acquiring more cryptocurrency in a statement, saying:

“Institutional investors especially, will not take positions in cryptoassets if their value cannot be custodied and safeguarded in the same way traditional assets are.”

Securing cryptocurrency investments

Custody services for cryptocurrencies…

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