Hackers stole his entire $165,000 crypto account. The FBI says it can?t help him.

The value of the losses is difficult to quantify given the fluctuation in the value of various cryptocurrencies, but it appears to be many billions of dollars.In one recent such hack, crypto trading platform Bitmart pledged to use its own money to reimburse client losses of as much as $196 million.Lawyer Urzula McCormack, a partner with Hong Kong-based King & Wood Mallesons specializing in cross-border finance and technology, says the threat picture is actually better than it used to be when crypto first emerged.“There is no doubt though, that there are also areas where people are vulnerable,” she said. And we also have just really regular hacking risks that occur and really need to be guarded against.”In March, President Joe Biden issued an executive order designed to prompt action among government agencies to protect consumers from crypto risks, and dozens of bills are pending in Congress that would regulate crypto to one degree or another.Some countries have banned ads for crypto investments, McCormack said, but such were featured prominently in the U.S. during the Super Bowl, underscoring the interest in crypto as an investment.But Martin urges caution.“I think there’s a lot of great potential,” he said.