The way they handled things with Betsi is not unfamiliar. The most common example that comes to mind is when your shop gets suspended, either because you are a week late in paying your Etsy bill or because your are being suspected of not selling handmade. You are restricted from accessing the forums (shocker !), and can't even manage your listings. This is to prevent you from saving or exporting your inventory. A really classy move. They actually suspend your shop BEFORE they even contact you.
The exact same scenario seems to be happening here with Betsi.
Not to mention the fact your customers land on a 404 error page when entering or clicking the link to your store, which is very similar, in the way it is done, to the announcement they made to Betsi subscribers. They have this habit of making radical statements that only implicate the seller and not themselves, without any explanation whatsoever to his/her customers. This way they make sure only the business owner will be held responsible in case of a wrongdoing.. even though that is yet to be proven, and even if it's an honest mistake.
There are, after all, entire websites and communities out there, solely dedicated to bringing Etsy down, and all of them are managed not by rivals, but by former Etsy sellers who once trusted them with their business. I think that, alone, speaks volumes. And that's why I made sure I didn't make Etsy my main source of income.