Cryptocurrency thefts have yielded 9.8 billion loot only in the past three years

By Roberto D. | CryptoFarm | 6 Mar 2020

One of the main problems of the cryptocurrency market today concerns the need to secure one's assets.
According to a recent study carried out by the Kpmg company, hackers have managed to get their hands on virtual currencies worth more than 9.8 billion dollars since 2017.

According to Kpmg: although the overall digital currency market has a value that stands at around 245 billion dollars, the possible problems related to security risk above all representing a strong element of deterrence for institutional investments in the sector.

In particular, institutional investors will not risk having crypto assets if their value cannot be safeguarded in the same way as traditional money, stocks and bonds

says Sal Ternullo, one of the authors of the report.

Also, just a few weeks ago CipherTrace reported an estimate of $ 4.5 billion stolen through cryptocurrency scams in 2019 only.
And in 2018, however, hackers in Japan recorded a record theft of the equivalent value of 481 million dollars stolen from the Coincheck platform.

In general, among the reasons that most expose crypto assets to the risk of violations and thefts are low quality codes or too low security.
Another factor concerns the theft or loss of the private key, thanks to which any wallet can be accessed.

Those who can gain from this need to secure their digital currency assets are therefore the companies that offer custody and management services. Among these are many companies specializing in the management and exchange of cryptocurrencies such as Coinbase Inc. or Gemini Trust Co., which offers protection and custody services for private keys and specific services for asset security.

In general, however, it can be said that often these thefts occur due to carelessness of the owner of the wallet in not securing his own private key or access credentials.

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