I believe your analysis is 100% correct.

My thought when I read about the change in the first part of your post was, "I bet they've gone broke", and sure enough, you then went on to state yourself that you heard they're broke.

The USDT needs to come from somewhere, and I have a feeling it was from Valeo himself (or whatever storage he designated specifically for Phenom). If Valeo needed the USDT for living expenses or whatever, then this "change" was required.

This is a major difference, as you went from holding an asset with direct trade-in value based upon the company's very short term success to an asset which is only worth what people would pay for it.

I have to imagine there's going to be a sell-off as soon as it's allowed, so be ready for that.

Unfortunately there's little that can be done, and this whole thing is too complicated for the average person to understand, so it's difficult to whip up outrage online about it. This is especially true because this is a form of rakeback.

You still hold your own crypto when you play on there (aside from when you're at the table), right?