In that case the only reasonable response to protect myself as a creator is to disable sales and downloads for my games and disconnect payment processors.
If Itch can suddenly ban a game and refund all sales for it then keeping sales, downloads and a payment processor is just unsafe and risks permanent financial damage. At this point its clear that Itch is keeping quiet about it simply because they want to hit creators with these refunds before they have a chance to do anything about it. Commit to refunds but push the costs onto the creators in a way that eases the financial burden on Itch while throwing people who sold their games in good faith under the bus.
I'd recommend all creators who had their games delisted should do the same until their game is either restored or banned.