Woohoo magic mystery money! How did that work out for FTX with FTT?

I was told crypto was the answer to central banks printing money. Ironically a tech friend predicted all this way way back at the start, I mentioned one of the advantages of bitcoin was the fixed amount and he replied "What stops your exchange from showing $1000 on the webpage but not actually holding that amount?"

Exactly the problem unfolding years later.