Is Bybit hack That bad?

Well unless you've been living under a rock you know that Bybit hack has been a rather large one and soon after that we saw a "bank run" where everyone attempted to withdraw their funds. However the company says it has enough to cover in reserves for the liabilities.

What still blows my mind are two things.

First why anyone still uses a centralized exchange and if you do why in the world would you let your funds sit on it.

The second is how in this day do these types of hack continue to keep happening. Crypto is suppose to be secure but it continues to fall victims to these constant hacks. No one is going to take crypto seriously when billions of dollars go missing from some random hack.