Centralized exchanges like Bybit make it super easy to trade crypto, right? But then again, that simplicity comes with some pretty nasty security risks. Yeah, I’ve been thinking about this a lot lately. They’re convenient, sure, but do they put our assets at risk?

The Risks of Centralized Platforms

Here’s the deal: centralized platforms are like a buffet of easy access, but they also have some serious security holes. The biggest risk is that they are a single point of failure. When an exchange holds your assets or your private keys, it’s like throwing a huge “hack me” sign on your back. Remember when BadgerDAO lost over $120 million because of compromised admin keys? Yeah, me neither, but it happened.

Then there are…