FTX and its trading firm Alameda made over $5 billion in venture investments before their collapse, with many of these bets proving profitable. However, during bankruptcy proceedings, FTX sold these assets at fire-sale prices, recovering only $3.2 billion while leaving approximately $30.3 billion in potential gains on the table. For instance, they sold a stake in Anthropic for $1.3 billion, which is now worth around $28 billion. This stark contrast highlights how quickly market values changed after FTX's downfall. The bankruptcy process has been costly. Nearly $1 billion in professional fees have accrued, making FTX's bankruptcy one of the priciest since Lehman Brothers. Of the estimated $16.5 billion recovered, a significant portion has gone to fees, taxes, and regulatory costs, leaving only $13.9 billion available for creditors. Many creditors received payouts based on undervalued claims from the November 2022 market low, leading to a real recovery of about 21% in purchasing power, despite FTX claiming a nominal recovery rate of 118%. While FTX's venture portfolio is valued at approximately $40.4 billion, a simple strategy of buying and holding Bitcoin or Solana would have yielded even greater returns. If FTX had invested solely in Bitcoin, the current value would be about $35.4 billion, and investing in Solana would have resulted in a massive $88.1 billion. The article also emphasizes the broader context of crypto bankruptcies, comparing FTX's recovery to other major collapses in the industry. Overall, creditors are left reeling from significant losses, while FTX's former CEO, Sam Bankman-Fried, spent lavishly on political donations and real estate amid the crisis.