Do hackers use hashing?

Are hackers known to exploit hashing techniques in their malicious endeavors? If so, how do they do it and what are the potential consequences of such actions? It's crucial to understand the intricacies of hashing and its vulnerabilities, as it plays a pivotal role in ensuring the security of cryptocurrencies and other digital assets. Can you elaborate on the potential risks associated with hackers utilizing hashing and what measures can be taken to mitigate them?