Finance noob here, and purely out of couriosity, but could someone explain what the actual legal status of FTX' deposits is now? From what I got, crypto exchan

Finance noob here, and purely out of couriosity, but could someone explain what the actual legal status of FTX' deposits is now? From what I got, crypto exchanges spend a lot of effort to not be banks in a legal sense, so the special protections for customer deposits with traditional banking don't apply - the deposits are technically owned by FTX, not the customers. On the other hand, customers do appear to have some claims in the bankruptcy proceedings, enough that the SEC seized the funds. So it's not just "you pay me, I make number go up" either. Were the deposits just treated like loans to FTX?