KPMG: cryptocurrencies worth $ 9.8 billion have been stolen since 2017

Auditing company KPMG, part of the Big Four, reported that between 2017 and 2020attackers were able to steal cryptocurrencies worth more than $ 9.8 billion.

According to analysts, most of the theftsoccurred due to a lack of attention to security issues from companies, as well as errors in the code. Recently, institutional investors have begun adding BTC and ETH to their portfolios, so the issues of secure storage of crypto assets have become critically important.

“Institutional investors will not take risksand buy crypto assets if they cannot save them in the same way as money, stocks and bonds, ”said one of the authors of the report, Sal Ternullo.

Now custodial services for institutional investors are offered by both traditional participants of the financial market, for example, Fidelity and Intercontinental Exchange, as well as the Coinbase and Gemini exchanges.

Analysts emphasized that over the past year 12 cryptocurrency exchanges have been hacked, including Binance. Hackers managed to gain access to cryptocurrencies worth $ 300 million.

Another issue of custodial services isCompliance with regulatory requirements in the area of ​​combating money laundering. All industry participants must identify customers, including exchanges and banks. But even experienced companies with a developed methodology need to "adapt to the unique features of cryptocurrency assets."

Earlier, KPMG reported that financial companies from the Fintech 100 rating began to use blockchain more often.

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