Three years after the collapse of the cryptocurrency exchange FTX in November 2022, thousands of creditors remain unpaid. Despite efforts to enhance transparency in the industry, such as proof-of-reserves and third-party audits, significant challenges persist. Legal proceedings, asset recovery, and bankruptcy complexities have delayed creditor repayments, with ongoing legal and valuation issues further complicating the process. Critics argue that transparency initiatives have often prioritized optics over genuine accountability, as some platforms have scaled back their audit commitments. The FTX case continues to serve as a cautionary example, underscoring persistent governance, risk management, and regulatory deficiencies within the crypto sector.