Cryptocurrency exchange FTX now worthless, says key investor.

“That meant that he thought the company had enough money on hand to pay out 24 times the normal daily withdrawals – but in fact, it did not have enough to even pay out all the withdrawals on Sunday alone. “We saw roughly $5bn of withdrawals on Sunday – the largest by a huge margin. But, he insisted, while the exchange was suffering a liquidity crunch, it was not insolvent, and still held more assets than the total value of all the customer deposits – albeit in a form that could not be easily converted to cash.”

Sounds like a bank to me.