irac format vCryptX v Mason Man

Mason, an entrepreneur, decides to venture into the world of cryptocurrency trading. He opens an account with a cryptocurrency exchange called $"$CryptX$."$ To fund his account, Mason writes a check drawn on his personal bank account at "TrustBank." He then deposits the check into his CryptX account, intending to convert it into cryptocurrency.

However, before the check can clear, Mason receives an urgent business opportunity. He needs immediate funds to seize the opportunity and decides to cancel the check he issued to CryptX$.$ Mason logs into his CryptX account and initiates a withdrawal request, hoping to retrieve the funds before the check clears.

Meanwhile, CryptX receives Mason's check and credits his account with the corresponding amount of currency, allowing him to start trading cryptocurrency immediately.

However, due to a delay in the banking system, Mason's cancellation of the check is not processed in time, and the check is ultimately honored by TrustBank.

Unaware of this delay, CryptX processes Mason's withdrawal request and transfers the currency equivalent to cryptocurrency to Mason's external wallet.

When TrustBank finally honors Mason's check, CryptX$\text{'}$s account is debited, resulting in a negative balance. CryptX$,$ now facing financial strain, contacts Mason, demanding reimbursement for the withdrawn funds.

Mason argues that since he canceled the check before it cleared, he should not be liable for the funds withdrawn. He also contends that CryptX should have verified the status of the check before crediting his account.

Was Mason's check a negotiable instrument, and what are the rights and liabilities of the parties involved?

What are the obligations of TrustBank in honoring the check, and does Mason have any recourse against the bank?

Did CryptX fulfill its obligations in processing Mason's withdrawal request, and what liability does it bear in the event of a negative balance?

$($Use these questions to help you think about the case. You are not required to answer them on the homework.$)$