It should be noted that the American system also does not give FTX creditors this kind of windfall - under US bankruptcy law, their claims were effectively converted to dollars at the time of the bankruptcy, and they see no benefit from increased crypto prices since then. I'd assume this simplifies administration a lot, contributing to a faster resolution, but many FTX creditors are unhappy about it: https://www.wired.com/story/ftx-creditors-crypto-payout-reje...