It was a good week for FTX creditors, words not many thought would be written at the end of 2022 after the crypto exchange filed for bankruptcy. 

But the tides have turned for the defunct entity. For one, crypto asset prices were essentially at their lowest when FTX went under, and its crypto holdings are worth a lot more now than they were before. The bankruptcy estate has managed to sell off shares in GBTC, its stake in the AI startup Anthropic, and its locked Solana tokens, all of which helped it rake in funds to pay back creditors. 

Those overseeing the bankruptcy have not always made perfect decisions; for instance, Mysten Labs bought back FTX’s stake and token warrants for $96 million in April 2023, right before Sui’s token launch. Had the estate opted to …