Actually I didn't notice a huge market crash due to hacking of centralized exchanges and even during the biggest hack in crypto history the market was not affected that much but OP you should know that because of this CEX hacking the bitcoin market is short-term fear or panic in the bearish market even though the price of bitcoin is down due to its controlled supply, strong technology and the price of this currency gets stronger with each downturn thanks to the growing global acceptance.
These hacks teach us that we should be more careful with our funds, but those who are still using these platforms are probably really stupid because they are not trustworthy, and millions of dollars worth of assets have been stolen from these platforms by hackers, for example, around 1.4 billion were hacked from Bybit, about $388 million was stolen from Bitget , the largest amount of assets stolen from Binance, worth $6.3 billion, so it can be said without a doubt everyone should learn from these issues that CEX is not safe for investors' holdings.
CEX is supposed to be for quick swapping or trading or transactions and not for holding or accumulation of funds in the least bit. These hacks has taught us so and what beats my imagination is that the Bitcoin market only reacts at first to the hacks and then when it happens a second time, the Bitcoin market remains immune because it has ultimately upgraded its defense system to counter the effect of what such kind of volatility could cause. This leaves Bitcoin's long term broader macroeconomics trend unbroken and unaffected, hence why it tends to move forward despite all this sad hack news we see and hear.
Sure CEX is mainly used for trading, quick swapping and P2P but it should be known by everyone that it should not be used for depositing or storing funds in any way. However it's correct correct that it has improved its defenses to deal with the possible impact of such volatility caused by hacking, as a result of which we saw that despite the Binance hack, the Bitcoin market was not affected much, rather the Bitcoin price moved forward. To my knowledge everyone should be aware of this fact that Bitcoin is increasing in price due to its strong decentralized network and extreme popularity despite the incidents of various wrench attacks or hacking of various exchanges.
