Sam Bankman-Fried, founder of the bankrupt cryptocurrency exchange FTX, has admitted that his decision to transfer control of the company was his biggest mistake during its $8 billion collapse. On November 11, 2022, Bankman-Fried handed over leadership, which he believes cost him the opportunity to save the company. Following the leadership change, new CEO John J. Ray III filed for Chapter 11 bankruptcy protection the same day. Bankman-Fried is currently serving a 25-year prison sentence for his role in the collapse of FTX and Alameda Research, which led to $8.9 billion in investor losses. The misuse of user funds to cover trading losses at Alameda was a key factor in the collapse. Despite repaying $78 billion to creditors, FTX users are still awaiting over $4.2 billion in repayments.