Cryptocurrencies
Halting $9.8 Billion in Theft Is Key to Crypto Growth, KPMG Says
- Digital assets are vulnerable to lax security and weak code
- Industry custodians ‘have a tremendous opportunity to profit’
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The cryptocurrency market needs to improve how it secures digital assets for the $245 billion industry to keep growing, according to KPMG.
At least $9.8 billion in digital assets have been stolen by hackers since 2017 because of lax security or poorly written code, the accounting firm wrote in a report released Monday. Adoption of cryptocurrencies such as Bitcoin and Ether among institutional investors has led to competition for a place in portfolios, making safeguarding the tokens more important that ever, KPMG said.