Despite the belief of many crypto enthusiasts that centralized exchanges (CEXs) are safer, history has often shown them to be rather vulnerable to attacks. Because these exchanges centralize the storage of users’ assets, they can be attractive targets for cybercriminals. If an exchange’s security measures are inadequate or successfully compromised, user assets may be stolen or lost. Another risk of centralized exchanges is the potential for fraud or mismanagement by their operators. Since CEXs may have a single point of control, they may be more susceptible to insider fraud or other forms ...
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