SBF: FTX's biggest mistake during the bankruptcy was handing over company control to the new management team

BlockBeats News, October 4th. In an interview published on Friday in the news media Mother Jones, SBF stated that his "biggest mistake" during the $8 billion bankruptcy was handing over control of the company to a new management team—he claimed that this decision cost him the opportunity to save the company at the last minute.

SBF stated that shortly after signing the control transfer agreement, he received a phone call indicating that potential external investment could have saved the company from bankruptcy, but by that time, "it was already too late to retract the signature."

Reportedly, just two days before FTX filed for bankruptcy protection on November 9th, Andrew Dietderich, a lawyer at Sullivan & Cromwell (S&C) law firm, sent an email to SBF proposing a plan to hire Ray as Chief Restructuring Officer. After being appointed as the new CEO, Ray filed for Chapter 11 bankruptcy on November 11, 2022, and engaged the law firm S&C to provide legal assistance during the litigation process. (Cointelegraph)