Exchange with 0.1 score on CMC in 0-10 scale with little to zero real users, with 99.9% fake volume, that looks super scammy will not put any more panic in the market no matter what will it do. Everyone expected it to fail sooner or later. Everyone who knew about that exchange... not that many people did.
I think this should be more of a lesson that we should not hold on exchanges, but as a trader, going for one of the first 10 exchanges would be good? Yet what happened to FTX which was the second crypto exchange was surprising, which means we still just have to conclude that if it is not your key, it is not your coin, same goes to Binance, OKX and other ranked exchanges, that we should not hold on an exchange.