$9.8 billion in crypto was stolen since 2017, according to new KPMG reports issued on March 2. Most of the thefts have occurred due to poor security and bad written code.
As institutional investors have included Bitcoin (BTC) and Ethereum (ETH) into their portfolios, securing crypto assets becomes a critical issue.
“Institutional investors especially will not risk owning crypto assets if their value cannot be safeguarded in the same way their cash, stocks and bonds are,” one of the report’s authors Sal Ternullo, said.
Today, custodial services for institutional investors are offered by both traditional participants of the financial market, such as Fidelity and Intercontinental Exchange, as well as the Coinbase and Gemini exchanges.
Analysts highlighted that 12 crypto exchanges, including Binance, have been hacked over the past year. Hackers gained access to cryptocurrencies worth $ 300 million.