FTX founder Sam Bankman-Fried (SBF) has described his decision to hand over control of the company to current CEO John J. Ray III in November 2022 as his "biggest mistake." In a recent interview from prison, SBF claimed that this decision cost him the chance to save the exchange at the last moment. He stated that shortly after signing the transfer of control, he received a call about a potential external investment that could have prevented FTX's bankruptcy, but it was too late to retract his signature. Following the transition, FTX filed for bankruptcy, with law firm Sullivan & Cromwell assisting in the proceedings. The firm has reportedly accumulated over $171 million in fees during the process.