The reason is that all their crypto assets have been sitting sitting for years and inflating/apreciating along with everything else. The hundreds of millions they stole are now recouped as appreciation, but the cost of money and time isn't. If I get ripped off and pay someone 120% of what an asset is worth, and then sell it for 150% of what I paid ten years later it does not negate the fact that I lost 20%, and that's the wrong way to look at it. Really I lost 30% when I sold because it had appreciated by 50%. Claiming they will be made whole doesn't negate the fact that their investment should have paid.
This is essentially what the government does in the SS Ponzi scheme. They spend all the money and then give you back little more than the principal 40 years later when it's worth a pittance denying you 40 years of appreciation.
The only reason it doesn't fit the legal definition of fraud is because the people having their wealth stolen are aware of the grift. It is one of many ways leftists try to keep the middle and lower class from accumulating any wealth. More slaves, fewer peers.
