Following FTX’s bankruptcy, former CEO Sam Bankman-Fried admitted to regretting the decision to hand over control of the exchange to John Ray III in November 2022. This transfer, prompted by pressure from advisors and legal counsel, significantly hampered recovery efforts, ultimately contributing to the company’s collapse. The leadership change has had far-reaching consequences for both FTX customers and investors. Delays in asset recovery and ongoing legal challenges have left many waiting months for their funds, while bankruptcy costs continue to climb beyond $1 billion. Bankman-Fried acknowledges this as a key mistake, emphasizing the pressure surrounding the decision and its subsequent impact on FTX’s trajectory.