Yeah, this is very suspect...declaring insolvency and preferring some customers (those with alts) over other customers (those with BTC). This is also quite illegal. Does he need a powershovel to dig himself a bigger hole with the authorities?
How is this illegal?
It is illegal for bankrupt/insolvent companies to prefer creditors of the same rank (ie in this case unsecured creditors) over other creditors of the same rank. Otherwise they could pay out friends, close business partners first and leave people who should have the same rights to reimbursement with nothing.