SBF: The biggest mistake during the FTX bankruptcy was giving control of the company to the new management.

ChainThink news, on October 4, SBF stated in an interview published by the media outlet "Mother Jones" on Friday that his "biggest mistake" during the $8 billion bankruptcy was handing over company control to a new management team — he claimed this decision cost him the chance to save the company at the last moment.

SBF said that minutes after signing the transfer of control agreement, he received a call saying there was a potential external investment that could have saved the company from bankruptcy, but it was already too late to revoke the signature.

It is reported that two days before FTX filed for bankruptcy protection on November 9, attorney Andrew Dietderich from the law firm Sullivan & Cromwell (S&C) sent an email to SBF proposing a plan to appoint Ray as Chief Restructuring Officer. After being appointed as the new CEO, Ray filed for Chapter 11 bankruptcy on November 11, 2022, and retained the law firm S&C to provide legal assistance during the litigation process. (Cointelegraph)