A new study by Kraken reveals how cryptocurrency investors perceive security as the main challenge in self-managing their digital assets.
According to The Block, a recent survey conducted by crypto exchange Kraken found that nearly half of respondents consider themselves the primary risk factor for their own crypto security. The research, which surveyed 789 participants, highlights that 48% of users see their own actions as the greatest threat to their investments in digital assets, surpassing concerns about external theft or fraud.
Kraken’s report underlines how personal responsibility in security management forces users to take full control of their digital funds. However, the study suggests that this autonomy can also become a source of anxiety for many investors.
Nick Percoco, Chief Security Officer at Kraken, commented on the findings, noting that “a lack of confidence in personal crypto security is capping the growth of the industry.” According to Percoco, unlocking the full potential of cryptocurrencies will require users to embrace self-custody and consistently invest in strong security habits.
Technologies to strengthen security
Despite the concerns highlighted in the study, 31% of participants expressed optimism about future technologies that could improve crypto security. Among the most promising solutions identified:
- advanced biometric systems for user authentication;
- multi-factor authentication to secure wallet access;
- AI-based fraud detection systems to prevent attacks.
Data and case studies
Kraken’s research emerges in a context where security threats remain a pressing reality. FBI data shows that in 2024, nearly 150,000 reports of crypto-related internet fraud resulted in $9.3 billion in losses. Older users, particularly those over 60, proved especially vulnerable, accounting for $3 billion in crypto-related financial fraud losses on their own.