Elijah454 O’Neil#77

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What to do if an exchange gets hacked?

If your exchange is hacked, the first step is to withdraw any remaining funds as quickly as possible, if the platform is still operational. Monitor official announcements and confirm whether stolen funds are insured or will be reimbursed. In the past, some exchanges like Binance have refunded clients after hacks, but others like Mt. Gox collapsed entirely. Traders should also report losses to authorities where applicable. This is why it is best practice not to store large amounts of crypto on exchanges. Moving funds to secure wallets after trading reduces exposure to exchange hacks.