This is all a thought experiment.
The details of “what” exactly happened aren’t really my point. —It’s that it “could” happen just like that.
My other point is that it will get worse as it gets harder to obtain.
You’re correct about the motive not adding up but i do think there are strong forces at work trying to discourage self custody.
Regulation and taxation are trivial when you’re fully kyc’d on an exchange.