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How did FTX money dissapear if its crypto on the blockchain? I thought money can’t disappear on the blockchain?

Sorry if this is a stupid question. I’m trying to understand what FTX is. Is it like a Coinbase? How did FTX money dissapear if its crypto on the blockchain? I thought money can’t disappear on the blockchain? If it’s like Coinbase, does that mean your money in Coinbase is not on the blockchain? If money can just disappear and be used like that, isn’t it more like a centralized bank? And if there are no clear regulations on these decentralized banks off the blockchain, then wouldn’t my money be safer in a centralized bank? I really don’t get how crypto disappears. Isn’t that the whole point of crypto?!! The blockchain?

submitted by /u/thelastgen
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