kaal:claim:3936876-014

Because a wallet provider or exchange that has custody of a digital asset gains full control over transactions, hacking a digital asset exchange is equivalent to robbing a bank: the attacker obtains valuable cryptocurrency that can be cashed out.

As such, a hack of a digital asset exchange is akin to robbing a bank-- getting hold of valuable cryptocurrencies that they can cash out of.

Wulf A. Kaal, Hayley Howe, Custody of Digital Assets (2021), II.2.a Hot Storage, p. 17
https://ssrn.com/abstract=3936876 · source PDF

Wulf A. Kaal, Hayley Howe, Custody of Digital Assets (2021). SSRN: https://ssrn.com/abstract=3936876

• exchanges holding pooled customer assets in hot storage

mechanismsupport: arguedfailure: exchange honeypotfamily: custody-and-key-lossdefirisk-and-incentivesconsensus-and-security

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