Except they were an exchange not a “bank” who promised and contractually made out that customer funds were segregated and not re hypothecated. Both demonstrably

Except they were an exchange not a “bank” who promised and contractually made out that customer funds were segregated and not re hypothecated. Both demonstrably false assertions that enabled significant fraud. CZ got very lucky (by virtue of an excellent legal team) here, but that doesn't diminish Sam's faults.