With hacks occurring more frequently these days, I would strongly emphasize the importance of security. Whether it's a decentralized exchange (DEX) or a centralized exchange (CEX), no one is immune. First, we witnessed the Mixin incident, and now it's Galxe. It's crucial for everyone to assess the security measures of any platform before entrusting their funds. We all bear the responsibility to conduct thorough research before investing our hard-earned money
Yes, I agree with you that all CEX and DEX platforms may be exposed to what happened to GALXE and Mixin in terms of hacking and theft cases that resulted in losses estimated at millions of dollars, and other users of other platforms may be exposed to similar incidents and expose their capitals to great risks, Because there are no platforms that are 100% immune, and they are all clear targets for hackers.
Even after you have conducted comprehensive research, you cannot determine through it whether the platform on which you placed your assets can withstand security challenges and hacker attacks or not.
It is worth noting that Glaxe will develop a recovery plan for 110% of the funds of users who were subjected to stealing on October 16 automatically through USDT coins, and this indicates that popular platforms that have a large fund of crisis reserves held in an emergency are what the user can use because, in the event of an accident related to the platform, they will be responsible for compensating the customers who were affected.
[SOURCE]Well spoken. I mean, if platforms both Cex and Dex can put aside some emergency funds as precautionary measures so that in the wake of a hack, users can be reimbursed or compensated then such platforms would've shown that they care about the welfare of their users. So far, Bitget has some user protection funds. I recently came across that here.
My advice to investors would be to look out for this because any exchange might be prone to hacking, but the big question would be, can they cover your loss?