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Hackers Make More than Casinos; $9.8B Digital Assets Stolen- KPMG

2 min read

The level of insecurity for in the digital currency is alarmingly high and worsening every time. According to a report by KPMG, the industry has been responsible for losing over $9.8B since 2017. This is the amount lost specifically to hackers.

While addressing the issue KPMG blamed poor coding that makes these targeted platforms vulnerable to hackers. The report, however, pointed out the importance of safeguarding the assets the same way institution adopt cryptocurrency protects their other assets

In the report, KPMG said that:

“As crypto-assets proliferate, custodians have a tremendous opportunity to profit — both by earning management fees for delivering straightforward custodian services, and also by offering adjacent services only possible in the emerging crypto ecosystem,”

A few weeks ago two of the largest crypto exchanges had been attacked Binance and OKex. Even though no amount was reported to have been lost Binance had to close down operations for hours to solve the issue.

Hackers vs. Casinos: who is gaining more?

The amount is alarmingly so high that at this later more, the money lost in through digital currency investment will outmatch gambling. Right now the industry is running with about $255B, an amount that has consistently increased over the decade.

About 4% of this is lost to hackers and equates to just a little short of $10B. This averages to over $3B every year, more than the profits made by casinos in Las Vegas from gamblers.

According to reports, Nevada, a state where las Vegas populates the gambling industry made a profit of about $2b from about 290 casinos in the state last year. Keeping in mind this is the city most popular and profitable in gambling in the US.  

Who is winning?

All the casinos combined in the US made a profit of about $24B in a year. This is about 2 and a half times more than hackers. The market worth for these casinos is way bigger than the 2 and a half times. Statistically speaking, gambling is less risky than investing in digital currencies.

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Cryptomute | 2020