FTX: This was Sam Bankman-Fried's “biggest mistake”

Sam Bankman-Fried (SBF), founder and former CEO of the now-bankrupt crypto exchange FTX, admitted in an interview with Mother Jones magazine that handing over the company to his successor John J. Ray III was a mistake.
“The biggest mistake I made was handing over the company,” Bankman-Fried said in an interview.
According to Bankman-Fried, this step prevented him from implementing a potential rescue of the platform.
A few minutes after the handover documents were signed, he was informed of a possible external investment that could have prevented FTX's collapse.
At that point, however, the decision was already legally binding, according to the 32-year-old. Shortly thereafter, Ray initiated bankruptcy proceedings and filed for creditor protection under Chapter 11 of the U.S. Bankruptcy Code.
SBF embezzled billions of US dollars in customer funds through FTX.
Bankman-Fried was arrested in the Bahamas on December 12, 2022, and extradited to the United States in early 2023. A U.S. federal court sentenced him to 25 years in prison in March 2024 for seven serious fraud offenses.
FTX's bankruptcy in November 2022 is considered one of the biggest collapses in crypto history.
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