Indian crypto exchange coindcx drained of $44M in security breach (opens in new tab)

FYI, a lot of these hacks are performed by insiders, sometimes coordinated by the exchanges themselves.

An exchange can claim that it got "hacked". But it could have easily just stole user funds and claimed it was hacked. No repercussions. Un-regulated.

What ever happens to the coins in these thefts? Some of it goes to North Korea, but what about others?

Why aren't exchanges, which act like banks, regulated like banks? Why are governments allowing them to operate at this scale? They disguise themselves as tech companies to dodge clear regulations, base themselves offshore in the Caribbean, and offer no guarantees or insurance to their customers. It makes no sense. A company moves billions every month, acts like a bank, avoids regulation by calling itself a tech firm, sets up shop offshore and governments just let it happen?

Worst of all, Coinbase is owned by a bank. So now blockchain is just a way for banks to move money quickly and keep their more questionable clients happy?