There’s all sorts of inside jokes in the industry to explain various effects. The one that comes to mind in this instance is “Bitcoin is everything they are afraid it is.”

This accounting “black hole” that is created in exchanges is part of the growing pains of Bitcoin as a global currency that are easily predicted. When MtGox collapsed in 2014, some of us noticed that while the details make for a neat story in and of itself, the reality is that Bitcoin as an asset carries with it an inherent instability for any exchange which seeks to be “number one.” It’s … just the “physics” of economics. There’s no avoiding the effect, there’s only mitigating it until the next round of money comes in to support what exists… and the honey badger continues to grow.