ELI5: they call themselves “exchanges”. they are more like banks. liquidity crunch means they don’t have money to pay back all the customers. real bank - fdic

ELI5: they call themselves “exchanges”. they are more like banks. liquidity crunch means they don’t have money to pay back all the customers. real bank - fdic protected for people. maybe fed govt bailout ftx - bailed out by competitor Binance