I know y’all aren’t deep into cryptocurrency much, so this link might be total gobbledygook to you, but it’s an amazing bit of detective work.
medium.com

tl;dr - that Canadian cryptocurrency exchange that went belly up appears to have been insolvent. It appears to have had no reserves of Bitcoin on hand, at least not in the amounts it reported to the courts. Also, it appears the operator of the exchange was honoring withdrawal requests by using other users deposits.

As I mentioned earlier, the ledger aspect of bitcoin and its kin means we can track the flow of funds from one address to another, and draw conclusions from those flows. That’s what the OP did.