Actually this ia true. But for some reason those have been compromised like binance, kucoin, and crypto.com so far refunded what was stolen that means they are pretty established to have backed up funds for incidents like these. However users must be cautious and only store amount you think you can tolerate when gone and something goes wrong on a centralized platform.
Yes, it's like part of their plan b if ever they're compromised and that's why they've handled this well but hopefully, to strengthen their security is what they should aim for. They are for sure have their budget for everything but they just can't avail to get hacked again and refund another batch of affected users if it ever happens again.
They did a refund.
Refund or compensate for users is good response. It can help them to get reputation in terms of customer service. Regarding to sercurity, they have to improve.
This hack is another reminder for people who leave their coins on centralized exchanges with belief that exchanges have good security and will protect fund of customers well enough.
I agree about their security, it is what it is and after experiencing a hack, they're for sure not going to compromise their exchange by not focusing of increasing their budget for it.
Good thing if it's the case, either way, it doesn't change the fact that even as secured and as big as this exchange is still can be breached.
There's always the case of updates for their security and that's why maintaining and improving it continuously is a must when you run a big business such as a crypto exchange. I'm sure they'll be hiring more people just to focus on it.
Having an insurance for lost funds cannot be used as excuse in the future to let them say that "We're trusted and fully funded crypto exchange, so come use our service". Decentralized exchanges should improve and be normalize in crypto space.
It adds confidence to the users but they just can't tell that from time to time. Prevention is still better than what we're thinking from those words.
It's always good to remind everyone especially the newbies that are saving their funds and assets into an exchange. In times that a hack happens, they never know if the exchange is going to be responsible for refunding them.
Even if the exchange refund, sometimes you'll need to perform certain procedure and wait for some time. It could be problem if you're in dire need of money.
I agree, there's the process for refunding and if you're one of the affected users, you have no choice but to wait for their assessment and full refund.
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