The list of pressing concerns for crypto exchanges is not particularly surprising: IT security, fraud, and regulatory burden.
To date, an estimated $1.5 billion has been stolen from cryptoasset exchanges and storage providers as a result of 58 identified security breaches, and that figure is much higher if exit scams, the exploit of vulnerabilities in smart contracts, and unreported service provider hacks were to be included, according to a recent study.
At the same time, a “lack of transparency on both external and internal security audits” served to reinforce common beliefs that some crypto players do not follow security best practices.
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