[rich_sasha]

It sounds like FTX wasn't unfortunate but fraudulent. The business model of running an exchange is pretty solid, and reasonably risk-free financially. Crypto exchanges could be hacked, there are technology risks, counterparty risks against individual traders etc. but in general an exchange takes very little financial risk. Exchanges merely facilitate the shuffling if money and assets between people, risk-free for them (mostly). Same as bookmakers, who mostly match off people betting on opposite sides.

In the bookmaker analogy, it sounds like FTX took the betted cash and spunked it away to prop up Alameda. Nominally this was a loan backed by the FTT token, but at best this was a risky asset, and FTX could no longer promise they can pay out all the bettors - because FTT could, and did, drop in value.

Note that at no point during the various crises of past 15 years has any fiat exchange been under financial pressure. Banks, funds and insurers, yes, but they take outright financial risks. But not a single exchange.