Where do all these "lost" coins from these bankrupt companies go to? Who are the ones who "win" or rather who now controls all the previous user's coins?

lolwolflol12
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Where do all these "lost" coins from these bankrupt companies go to? Who are the ones who "win" or rather who now controls all the previous user's coins?

Where do all these "lost" coins from these bankrupt companies go to? Who are the ones who "win" or rather who now controls all the previous user's coins?

With everything that has gone on in the past week, one of the questions I have is that who/what institution ends up with all of the user's funds? I understand that FTX/BlockFi/Voyager and others have ended up loaning the user's crypto out, but who are the ones actually taking out loans, where do these coins go? If some institution takes out a loan but never repays them, do they own them now? Or were they doing funny business in the market like shorting, so it's being redistributed to the community, or eaten up by fish buying up bitcoin, etc? Is there any concern long term for the control of these "lost" coins?

edit: I guess to clarify, these institutions took user funds and claimed to have 1:1, and when users asked for it back, they couldn't produce the funds. Where did they end up? Back into open market?