Too Long; Didn't Read
FTX was once the second-largest crypto exchange, with many of its user's funds lost forever. The collapse of FTX goes to show the importance of personally controlling your crypto. The best practice for any crypto investor is to only keep the funds they plan on trading on an exchange. Any funds that are being held for the long term are best kept in self-custodial wallets. If you don't control the private keys, you are at the mercy of the custodian since the private key allows users to spend (transfer out) crypto from the wallet.