Every day it seems a new story emerges about an exchange going bankrupt. Has been a recurring pattern since the Mt. Gox collapse. Why, with so many examples of failures, do people continue to keep their money on these? You don't own crypto if you have "coins" on an exchange, you have an IOU from a business that may or may not even be solvent.
I think MT. Gox time didn't teach lots of people so much sense or perhaps they forgot so early that it happened 8 years ago but the situation is not different with SBF and FTX, Sam was an Id!ot for using customer's money for strategic partnerships but even at that, there were so many red flags that beg so many unanswered questions like where they were getting all those millions from, not that the fees are enough to generate such revenues for those purchases and partnerships but people were all quiet and didn't withdraw their assets.
Bitboy was ranting the other day shouting at SBF for lobbying the top US office but so many people were using that as common discussion and laughing instead of being concerned, now that the did have been done, they have to learn the hard ways not to leave their Bitcoins on exchanges, the movement has always been not your keys, not your coins. I hope this mistake is the last one we would have in the crypto industry because it's killing the hope of investors.