exchanges – Prior to collapse, how could FTX honor btc withdrawals if filings show they held no bitcoin?

I have seen in the news that, in bankruptcy filings, it was revealed that FTX held no bitcoin. As far as I can find on the internet there’s nothing pre-implosion that suggests user were explicitly unable to ever withdraw BTC… how is this possible? If FTX owned none, prior to the bank run, how were people able to take their assets off the exchange and into private custody? Would FTX just buy it spot and then give it to them?

I have seen in the news that, in bankruptcy filings, it was revealed that FTX held no bitcoin. As far as I can find on the internet there’s nothing pre-implosion that suggests user were explicitly unable to ever withdraw BTC… how is this possible? If FTX owned none, prior to the bank run, how were people able to take their assets off the exchange and into private custody? Would FTX just buy it spot and then give it to them?