Seeing alot of posts about cold storage vs CEX, but what about wallets like exodus

I use an app similar, were you store your money on an online wallet. They apparently don't store any of your info, it's not linked to your bank account, and can be copied onto many devices, and gives you full access to trading. How risky would an app like this be in regards to what happened to FTX. Would there be any sort of risk of "going belly up"?