If the amount stolen is huge, probably the exchange may close down like what happened to WazirX, although the CoinCDX might later reopened. What I read last about the exchange (WazirX) was that their users can only be able to get 80% of their coins back. I have not read any news that the exchange has reopened or give their users back their money.
The exchange (CoinCDX) was hacked on the 18th of this month and it was reported on the 19th of this month that it was hacked. It got to the general board on this forum on the 20th of this month.
This particular case of CoinCDX was reported by them but they assured users that their funds are save and they didn’t stop any activity on the exchange as withdrawals and deposits were working properly just like what happened with bybit. Probably CoinCDX were able to chest the loss because it wasn’t a huge amount to them.
This is exactly one year after WaziriX was hacked for $200m plus and since then i haven’t actually heard about them or that they have commenced repayment. The only exchange that has actually commenced repayment and it is also gradually is MtGox, the likes of FTX are taking forever and it is because of maybe the exchanges do not have the funds just yet which should be a scare to centralized exchange users.
But that brings us to the question about maybe Insurance or things like SAFU from binance are actually true that users funds are backed in case anything happens, we have seen that exchanges that got down due to heavy hacks couldn’t pay up the users money which to me is to ask that are users funds truly backed or just another marketing strategy to bait customers into trusting them.
For me the best way to use crypto is in trustless wallet or custodial wallet, everyone should be their own bank