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2023 Crypto Security Report: Trends, Threats, and Solutions

9 May 2023

Blue shield bearing the NGRAVE logo, header for NGRAVE's crypto security study
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NGRAVEThe first end-to-end security solution to manage your crypto.

2023 Crypto Security Report: Trends, Threats, and Solutions

Discover all the insights behind the current state of crypto security.

In Q1 2023, NGRAVE surveyed over 3000 unique respondents from 103 countries with the objective to:

  1. Help them assess the current security level of their portfolio.
  2. Provide tailored and actionable tips.
  3. Synthesize an in-depth overview of today's retail crypto investors' security measures.

Over 3000 respondents: who are they?

Most respondents are men between the ages of 35 and 45 years old and come from Western Europe and North America.

World map of survey respondents from 103 countries, mostly Western Europe (45%) and North America (26%)

The results show that not many are new to the crypto space, as the status of the market has a strong influence on crypto adoption.

Bar chart of the year respondents adopted crypto, showing 2022's bear market sharply slowed new adoption

Donut chart: 54% of respondents are HODLers, 43% both traders and HODLers, 3% traders only

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Crypto Custody

1 out of 2 investors believes crypto is not safe today. When looking at how they distribute their portfolio, only 4 out of 10 hold more than 75% of their crypto on cold wallets.

Crypto custody stats: 83% use exchanges, 70% cold wallets, 68% hot wallets, with a quote from Ruben Merre

Cold Wallets

1 out of 3 participants do not own a cold wallet, similar to last year's survey. However, half of the hardware wallet owners have more than one.

Why investors hold more than one cold wallet: 80% HODLing, 33% DeFi, 17% burner wallet, 13% otherFrom 2022 to 2023, USB hardware wallet use fell from 68% to 46% while QR-code models rose from 21% to 44%

Just like there has been an increase in owning hardware wallets with QR-code-based models, metal backups gained some ground.

Seed backup methods, 2022 vs 2023: metal rose from 26% to 43% while paper fell from 57% to 48%

Last Words

There are more insights worth taking a look at in the full infographic. Download the full infographic via the button below.

We will repeat this security self-audit at the beginning of next year. Follow us on social media via the links at the footer of this page so you never miss any security tips.

Report partner logos: Efani, CertiK, Coin98, Math Wallet, Fortknoxster and CryptoSlate

Press

Official press release available here.

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The first end-to-end security solution to manage your crypto.
NGRAVE

NGRAVE is a digital asset security company and the creator of the world’s most secure cryptocurrency wallet, NGRAVE ZERO. NGRAVE ZERO was developed in collaboration with a world-renowned team of cryptography and security experts.