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.

Source quote, verbatim
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.
From

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

Cite as

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

Holds when
Classification

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

Verify

The quote above is an exact substring of the source PDF, whose sha256 is 9bc0903d01910460298e754c451f027df4324367359800a98ee8e638d94aff55. Extraction method: pdf-text-layer.
Attestation record: colloquium/attestations/a020ccf7044eb6cf...json
Verify the binding yourself: curl -s https://wulfkaal.github.io/claims/3936876-014.md | sha256sum