If not taxpayer bailout, then moneyprinting, obviously. So the result will be the same, probably much worse with possible hyperinflation.
I am pretty sure, exchanges have deep connections to banks, they deal with FIAT money, anyway, so they must have money in banks. (Anyway, FTX had bank investor, too. SoftBank, an Asian corporation, owned by 5-6 banks.)
I asked several exchanges, as I did not find any information about it. This is the usual 'answer' I got (this one is from ByBit):
The raw translation: 'Yes, we do, but it is not your business which bank, how much is the amount. Just give us your crypto, FIAT and we will let you know it, when we go down.'
My favorite part is: since beginning they haven't halted withdrawal... :) :) :) like all banks, exchanges, they will hold only once, the first and last time... :) :) :)
I am going to use only no KYC exchanges and those what don't accept FIAT, provably has no banking connections and focus for privacy coins. (If i must use any other exchange to buy crypto for FIAT, it will be very fast, I buy it and send it towards immediately.)