The future of altcoins may rely on security technology as well as the marketplace. Of the $5,626,530,134 USD that have nefariously vanished from exchanges, application security issues and vulnerabilities accounted for at least 80% of losses. But, the damage is larger than first glances suggest. The costs in consumer trust and recovery efforts cripple business and brutalize exchanges. Over 50% of companies never recover.
Here are some hard, quick facts on cryptocurrency security from our experts at Wallarm Labs:
- $3.3B USD is the largest direct loss of a single crytpo-exchange hack
- 56.5% of losses come from APAC, the largest home for exchanges ($4B USD)
- The Americas have suffered over $1B USD of losses from cybersecurity breaches
Every year, the total amount of stolen money grows. The takeaway: the future of altcoins depends on the security in the cryptocurrency market.
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