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What happens if a cryptocurrency exchange is hacked?

Most exchange hackers are not caught, leaving little closure for consumers. And there is rarely any physical evidence or real-world aftermath: no traumatized bank tellers or perp walks. But some hacks do have happy endings. In one bizarre, public case, a hacker stole $600 million from the cryptocurrency platform Poly Network.

How much did a hacker steal from crypto exchange bitmart?

Over the summer, an anonymous hacker stole roughly $600 million in cryptocurrency from Poly Network, a decentralized finance network many outside the crypto world had likely never heard of. Then the hacker gave it back. Four months later, hackers stole at least $150 million from crypto exchange Bitmart.

Are cryptocurrency exchanges a target for hackers?

Despite the large dollar amounts associated with these thefts, they often lack the drama or attention of traditional bank robberies. But cryptocurrency experts say they offer a warning to would-be crypto investors: Exchanges are now lucrative targets for hackers.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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