Let's be honest. He's young, he might not have seen that much amount of Bitcoins in his life. Scamming the members would be an easy task, simulate a hack, and withdraw properly. You're done.
I'm not sure this happened this time (just wasn't following the full story), but something like this did happen with Mt.Gox, right? Also I heard similar stories about some darknet markets. Too bad some people still don't know that stealing is wrong.
I think the exchanges should be regulated. They should be insured to do a business. It should be like Gemini.
correct! but as you can see there are so many brain washed who do not care about that and then, they are coming to complain that their funds are "stolen"
There are few others along Gemini. Itbit, Coinbase, Circle...all these are regulated(licensed).