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US Crypto Whales ‘Very Concerned’ About Losing Their Assets, Report


Christina Comben | Sep 19, 2019 | 06:00

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US Crypto Whales ‘Very Concerned’ About Losing Their Assets, Report


Christina Comben | Sep 19, 2019 | 06:00


According to a new report by nobl insurance firm, the overwhelming majority of US crypto whales are anxious about losing their assets.

US Crypto Whales Worried About Their Assets

The CipherTrace Q2 cryptocurrency anti-money laundering report estimates that thefts, scams, and hacks in the industry could exceed $4.26 billion this year.

If that trend continues, by 2023, one-third of the entire cryptocurrency market cap will have been stolen. This, according to the nobl report, is enough to either gift $348 to every US citizen or buy out Uber.

Considering these statistics, it’s hardly surprising that anyone hodling a significant amount of crypto feels like they have a target on their back. 

65% of US crypto whales with over $50,000 in digital assets admitted to being “very concerned” about losing them.

Dabblers and ‘Dolphins’ Blissfully Clueless

On the flip side of the report’s findings, smaller players holding under $1,000 in digital assets are positively “blasé” about them. Almost half of these so-called ‘dolphins’ are unconcerned about the prospect of exchange hacks, theft, or scams.

It’s rather obvious that the prospect of losing $500 pales into significance against $50,000. But this casual attitude is somewhat alarming for the wider cryptocurrency community. Dolphins and dabblers make up a sizeable chunk of the market in the US and around the world.

And it’s clearly a massive barrier to greater adoption of cryptocurrencies. Unless more sophisticated methods are taken to prevent exchange hacks and crypto theft, by 2028, there will be nothing left at all.

We Still Need Greater Education

For those of us working in cryptocurrency on a daily basis, it’s rather like banging your head against a wall. 

We’ve spoken countless times about how to safely store your private keys and explained setting up hardware wallets. Yet most users still opt for convenience over safety every single time.

However, even using the most secure of cold storage options, US crypto whales are anxious about their assets. And that’s rather telling in itself.

Until we can find ways of providing greater safety for all users, we can hardly expect Bitcoin to take over the global economy.

When your heart’s in your mouth simply transacting even the smallest amount of BTC or scrambling desperately trying to find your seed code, it’s clear we need to be doing this better.

Are you concerned about crypto hacks and scams? Let us know in the comment section below!

Images via Shutterstock

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