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Bankman-Fried Regrets Handing FTX to Ray Before Bankruptcy

10/5/2025

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Summary

Story summary

Sam Bankman-Fried (SBF) says his biggest mistake was handing FTX to John J. Ray III before November 2022 bankruptcy.
He argues this decision destroyed any chance to save the company.
He learned of a rescue investment shortly after relinquishing control.
FTX filed Chapter 11 on November 11, 2022.
Sullivan & Cromwell has billed over $171 million in fees.

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Story summary

Sam Bankman-Fried (SBF) says his biggest mistake was handing FTX to John J. Ray III before November 2022 bankruptcy.
He argues this decision destroyed any chance to save the company.
He learned of a rescue investment shortly after relinquishing control.
FTX filed Chapter 11 on November 11, 2022.
Sullivan & Cromwell has billed over $171 million in fees.