Sam Bankman-Fried, the founder and former CEO of FTX, expressed regret over transferring control of the exchange to John J. Ray III before its collapse. Bankman-Fried stated that he discovered a potential investment opportunity that could have saved FTX shortly after the handover, but the decision was already irreversible. Ray, who lacked experience in the crypto sector, initiated bankruptcy proceedings and severed communication with Bankman-Fried. Subsequently, Bankman-Fried was arrested and convicted on seven felony counts related to the collapse of FTX.