Crypto Hacks Totaled $766 Million in September With Bitget and Liquid Hit Hardest
(1 hour ago) · 1 source · Summarized by CryptoBipto
Cryptocurrency platforms suffered $766 million in losses from hacks during September, according to reports. Exchanges Bitget and Liquid were reportedly among the most affected, accounting for a significant portion of the total losses.
WHY IT MATTERS
When you store cryptocurrency on an exchange, the exchange holds your funds for you, similar to how a bank holds your money. But unlike traditional banks, crypto exchanges are not always insured or regulated in the same way, which means that if hackers break in and steal funds, users may not always get their money back. This report highlights the ongoing security risks in the crypto industry. A common saying in crypto is "not your keys, not your coins," meaning that if you do not personally control the private keys (essentially the passwords) to your crypto, you are trusting someone else to keep them safe. Events like these are a reminder of why understanding custody and security practices matters for anyone involved in cryptocurrency.
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- cryptopotato.com
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