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SBF claims that transferring control was the biggest mistake and missed the opportunity to save FTX.
[Coin World] On October 4, SBF stated in an interview published by news media on Friday that his "biggest mistake" during the $8 billion bankruptcy was handing over control of the company to the new management—he claimed that this decision cost him the chance to save the company at the last moment. SBF mentioned that just minutes after signing the control transfer protocol, he received a phone call about a potential external investment that could save the company from bankruptcy, but at that point, "it was too late to rescind the signature."
Two days before FTX filed for bankruptcy protection on November 9, Andrew Dietderich, an attorney from Sullivan & Cromwell (S&C), sent an email to SBF proposing a plan to hire Ray as the Chief Restructuring Officer. After being appointed as the new CEO, Ray filed for Chapter 11 bankruptcy on November 11, 2022, and hired the law firm S&C to provide legal assistance during the proceedings.