John J. Ray III, who is leading FTX through bankruptcy court, wrote to the judge that SBF left the exchange “a metaphorical dumpster fire.”

And while victims might recoup their money, it comes with a big catch. What’s paid out is based on the value of assets when FTX declared bankruptcy in November 2022 instead of where things currently stand.

That’s a tough pill to swallow, as bitcoin’s price has increased by more than 300% since FTX’s bankruptcy.

In the meantime, life after SBF seems to be just fine for crypto. The long-awaited bitcoin ETF approval came just a few months after Bankman-Fried was convicted. Not long after that, the cryptocurrency hit an all-time high. And a halving event is around the corner that could push prices even higher.

It’s a shocking turnaround for an industry deemed all but dead a few years ago. Critics pointed to FTX and SBF’s downfall as an example of how crypto was only full of bad actors.

Now, those betting against the market are losing big, and bitcoin seems like it’s here to stay.