Nearly 9 billion euros in Bitcoin and Crypto stolen since 2017: KPMG

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according to KPMG, 8.79 billion euros in crypto-currencies have been stolen since 2017. The network of audit firms believes that the safety standards are not strict enough today, leaving a "tremendous profit opportunity" for custodians.

In a report released Monday, KPMG explains that the " lax security " and the " badly written codes Are the main causes that make digital assets like Bitcoin so vulnerable, reports Bloomberg.

At least $ 9.8 billion in digital assets were stolen by pirates since 2017. The adoption of cryptocurrencies such as Bitcoin and Ethereum among institutional investors has led to competition for a place in wallets, making the conservation of tokens more important than ever, ”wrote KPMG.

The Big Four company claims that institutional investors However, they will remain in retreat as long as cryptocurrencies do not enjoy the same security standards as cash or stocks. In addition, established financial institutions with mature compliance programs are also affected and need to improve their methodologies.

Today, several major players, such as Fidelity Investement, Intercontinental Exchange, Coinbase, Anchorage or Ledger, compete in this new market.

Thus, according to KPMG, custodians currently have a " great profit opportunity ".

Both by earning management fees to provide simple custodian services, and by offering adjacent services, ”said the network of independent Dutch firms.