Contrary to initial headlines that touted a 143% recovery for FTX creditors, real crypto values suggest a much more modest picture. Sunil, a well-known FTX creditor representative, reveals that the true recovery rate sits between 9% and 46%, significantly lower than official figures indicate. The problem lies in how the bankruptcy process values claims. FTX repayments are calculated in U.S. dollars based on crypto prices at the time of its collapse in November 2022. This leads to a nominal dollar repayment that falls far short of representing the losses suffered by creditors. With Bitcoin now trading above $110,000 and Ethereum nearing $3,900, the current payments are significantly lower than their real-time value.