A big part of why investors are being made whole is also that what they are owed froze into dollars at the moment of bankruptcy. If you had 1 BTC in FTX at the

A big part of why investors are being made whole is also that what they are owed froze into dollars at the moment of bankruptcy. If you had 1 BTC in FTX at the point of bankruptcy, and that was worth 20,000 on that day, you do not get 1 BTC back (or what 1 BTC is worth today)- you get cash for the amount it was worth on the day of bankruptcy. So as crypto prices have gone up again, the assets that FTX owned have gone up and the amount they owe has stayed constant. This is only possible because FTX is no longer a continuing operation- if they still owed that customer 1 BTC then the assets appreciating and the debts increasing does nothing to help them.