It would be one thing if there was any communication about this, or if you weren't locking people out of their earnings, but the combination of total silence and people not being able to retrieve their funds is extremely frustrating and leaves me wondering why I should trust this site at all. If I can have my content yanked off the platform with no warning, and lose access to money that is rightfully mine in the process, why the hell should I do business with you? I don't care what excuse you have for it, this is a fundamental breach of trust. Make no mistake, I would've been hesitant to keep using itch.io whether you communicated about this incident or not, but the decision to not say anything until after you'd started pulling games off the platform was boneheaded at best.

There is no reason to, there is no how, you're entirely right and justified
They were faced with a problem and chose the worst possible options at every step, throwing effectively their partners under the bus for admin and admin alone
Like if a CEO stripped a fairly large portion of their longer time employees of everything, without a word - not just the new rookie hire, long time experienced employees - only to keep his own pockets filled for the time being.

Placing all of the stress on the people beneath them rather than doing anything to lighten the load at their own miniscule expense