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To understand the risks, it's essential to look at why these breakdowns happen. Crypto exchanges operate in a high-stakes environment where they custody vast amounts of user assets—often far more than traditional banks hold in client deposits. Unlike banks, however, most exchanges aren't backed by government insurance like FDIC in the U.S. They rely on their own security measures, internal controls, and market conditions. When mismanagement enters the picture, disaster follows. FTX's downfall stemmed from its close ties to Alameda Research, where exchange funds were secretly funneled into risky trades, creating a house of cards that crumbled under scrutiny.

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