100% agree. "He might have done market manipulation, but it was on an exchange that might have also done some(unrelated) illegal thing earlier, so ....". That'

100% agree. "He might have done market manipulation, but it was on an exchange that might have also done some(unrelated) illegal thing earlier, so ....". That's just not how laws and regulations work at all. I don't have a particular axe to grind here. In the markets I worked in, what he did would have 100% been market manipulation but as I have argued elsewhere he may successfully be able to claim normal market practise here idk. It would be risky because I don't think it's been tested in the courts before. From my perspective crypto markets should be regulated in the exact same way as conventional markets because regulations are needed for the exact same reasons. The idea that you can just say "code is law" and pretend that laws don't exist seems unlikely to be true. Also while I respect his decision to make losses from depositors whole, I'm not sure that would change much if a regulator did decide to try an enforcement action here.