What are the risks of Bitcoin being hacked or stolen?

The risks of Bitcoin being hacked or stolen primarily stem from vulnerabilities in storage and transactions. If users do not secure their digital wallets properly, hackers can exploit weak passwords, phishing scams, or malware to gain access and steal funds.

Exchanges and online wallets are also frequent targets for cyberattacks, where large amounts of Bitcoin can be compromised. Additionally, loss of private keys means permanent loss of access to the Bitcoin, as there is no central authority to recover them. Therefore, securing private keys and using reputable, secure platforms are critical to mitigating these risks.