Your point is correct.   If they had 100 Coins in accounts and $1000 in fiat and the government seized all the fiat and all the coins on the server (not that many as a percentage) and a week ago, they could replace 55% of all the fiat and coins, the value of the coins has gone up so much (meaning you have to sell less BTC to refund 55% of the fiat), that the percentage should be higher than 55% now.

Plus, since the coins were stored in cold wallets, what about the BCH?   That will help too (it is another 10%)