Crypto Investors Store 40% of Assets on a Single Exchange

A Yearly Crypto Security Self audit report published by crypto security company NGRAVE shows that a significant number of cryptocurrency investors still store their assets on a single exchange platform. 

The survey conducted in partnership with with Efani and Unstoppable Domains surveyed about 2000 people from 87 countries to investigate various security measures crypto investors are using to secure their assets. 

According to the report, approximately 40% of investors keep their funds in one crypto trading platform, leaving their assets vulnerable to security breaches, while the remaining 60% share their assets across different crypto platforms.

Even though storing your crypto assets on a single trading platform may seem like a good idea, it is totally unsafe given the huge amount stolen from centralized crypto exchange platforms in the past. 

Leaving your digital assets in an exchange over a long period of time could lead to permanent loss of funds. The company could be hacked or worse still, shady operators could simply rugpull and vanish with investor funds. 

More Work Needed on Crypto Security

The NGRAVE’s study also shows that 54% of crypto traders backup their assets on paper wallets. However about 50% interviewee disclosed that if the wallets were discovered their security keys would be jeopardized. 

Ruben Merre, the chief executive officer and co-founder of NGRAVE, previously interviewed by Coinfomania, admits that the crypto space still requires a lot of work in terms of security.                                                  

“The results [of the survey] show that there are glaring gaps in the methods investors are using to ensure the security of their assets, especially at a time when high-profile and high-value breaches are becoming increasingly common. It is clear that there is much to be done to secure the crypto assets of investors the world over if the industry is to avoid the hacks that we have seen in recent months.” 

Meanwhile, another recent survey reported by Coinfomania detailed  a remarkable gender gap in the crypto industry as the greater part of users are men. In the just concluded poll, 95.4% of crypto users are men, leaving the remaining percentage to women with most of the investors joining after 2019 before the 2021 crypto boom.