That's not how actual regulated exchanges work. No crypto "exchange" is actually an exchange, no matter what their marketing materials tell you. In the US, a

That's not how actual regulated exchanges work. No crypto "exchange" is actually an exchange, no matter what their marketing materials tell you. In the US, a regulated exchange is required to hold your securities in segregated accounts, and cannot play fun games with them. Crypto "exchanges" are a joke. > It did not help that CZ triggered a run on the assets at the worst time; otherwise it likely would have been fine I find that unlikely. SBF was doing a bunch of risky things with FTX's assets. If he hadn't been found out, he likely would have done more and more risky things, and as Bitcoin's price recovered, he would have used that higher price to justify doing even more risky things. I doubt there would have been many (if any) times when FTX could have paid out all its depositor obligations.