Again, this argument goes nowhere. Suppose this is true. Your damages are $0. So what difference does it make? Yes, if they could somehow have guessed correctly when Pirate would default, they could make a ton of money that way and nobody would have been harmed by it. So what?
So you are saying that a bunch of possible scammers can be let off the hook just because they lied when they said that they invested with another scammer?
If each and every coin from a PPT went to Pirate, well, bummer. But if only a single coin was not passed through, then the PPT should be treated just like Pirate.
Let's look at the following hypothetical scene:
1. Pirate starts his business
2. PPT's pop up everywhere
3.1. PPT operator sends every coin to Pirate but pulls out before he defaults, or
3.2. PPT operator uses all coins for other projects, or
3.3. PPT operator simply keeps all the coins
4. Pirate defaults
5. PPT operator keeps the coins and Pirate gets the blame
What you are now saying is that this does not matter although those PPT operators could in fact pay the investors back.
If you have a criminal intend and jumped onto the bandwagon, the chances to get the blame is reduced by 50%.