VC's also have a high risk tolerance. Not every investment is even expected to pay off. So yes from their perspective, they took a risky bet and lost. But they

VC's also have a high risk tolerance. Not every investment is even expected to pay off. So yes from their perspective, they took a risky bet and lost. But they'd still have a case as victims if FTX signed contracts and then violated them. Or broke laws which cost them money.