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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’
Bitcoin And Other Cryptocurrencies Online As Its Stocks Soar
Photographer: Tomohiro Ohsumi/Bloomberg

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.