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Banks face growing blockchain headache as crypto hacks worsen

Traditional finance engineers struggle without industry-wide security standards

By Alex Daniel
Last year, a record $3bn was stolen across a number of high-profile hacks, mainly from decentralised finance firms, according to Chainalysis
Last year, a record $3bn was stolen across a number of high-profile hacks, mainly from decentralised finance firms, according to Chainalysis Photo: Getty Images

Digital assets teams at investment banks are facing an uphill battle against cyber attacks as cryptocurrency hacks hit a new record last year.

Insiders tell Financial News they are struggling amid a lack of industry-wide standards on blockchain security, with individual firms all working on their own bespoke technology.

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