Cryptocurrency is originally designed to be trustless and the presence of trust in form of third parties is what has resulted in the bad experiences in the cryptocurrency industry today, FTX have delt a heavy blow to many investors, and businesses who trusted the exchange with their funds.
Buy the good news is that, everyone will recover from this incident eventually but we can never forget the lesson this incident has thought us, never to trust third parties with our money.
Centralized exchange should not be trusted just like we can't trust the banks and other investment platforms around the market, best you hold your coins in your wallet
recover or not depending on how they can hold and manage the assets they have. during a bearish market like today, of course, all assets will experience a decline, but you won't lose if you don't sell them. Hold on and keep believing the bull market is coming soon.
And trust is important, if trust has been violated then there is no place for other beliefs. The Centralized Exchange is only a place to trade, not to be the main repository.