Warning - the following is my theory only: I think they never had any serious profits, either due to mismanagement or some other issues. Especially since mid-October they have been reluctant to spend ANY real money on anything. E.g. they claimed $50 million marketing budget, $100 million floor, "teams" and "companies" working on the coin and paybase etc, while the actual results show the opposite. Cheap coin clone, some ads on obscure "news" sites, barely functional Paybase and of course no floor now. They seemed to be trying to pump the coin on hype alone, and perhaps they put a few hundred BTCs on Paybase for 5 minutes at launch. I doubt they blew 100k or 500k or whatever on Cryptsy, those spikes could have been someone else's arbitrage bots fooled into buying.
There is obviously no way to prove this, but there are just so many red flags pointing in that direction that it would be one hell of a coincidence. Like the refusal to sell any of their own products for XPY.
Ok... but to what end?
I think it's a pre-order/pre-sell kind of deal that never works out as intended due to incompetence. They wanted a big mining farm, but had no cash - sold a bunch of hashlets and purchased Bitmain hardware. BTC mining profitability went down, they decided to create a coin and a payment processor - sold a bunch of Hashstakers and debt obligations (hashpoints) to finance that but can't get it off the ground. Wait for the next big idea and some kind of instrument to finance it.
Some others here think that it's an elaborate scam pretending to be incompetent to avoid culpability.
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