kaal:claim:3936876-017

Custodial exchanges are largely unprepared for breach: only 53 percent of small custodial exchanges and 78 percent of large custodial exchanges have a written policy setting out what happens to customer funds if a security breach causes loss.

Just 53% of small custodial exchanges and 78% of large custodial exchanges have a written policy outlining what happens to customer funds in the event of a security breach resulting in the loss of customer funds.

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

• custodial cryptocurrency exchanges surveyed in the 2017 benchmarking study

empiricalsupport: evidencedfailure: no written loss allocation policyfamily: custody-and-key-lossdefigovernance-design

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