Sam Bankman-Fried Regrets FTX Leadership Transfer as ‘Greatest Error’ in Prison Interview

In a series of exclusive prison interviews, former FTX CEO Sam Bankman-Fried has characterized his decision to transfer control of the cryptocurrency exchange to current CEO John Ray III as “the single biggest mistake I made by far.” The controversial executive revealed he executed the leadership transition at 4:24 AM on November 11, 2022, alleging he acted under significant pressure from legal firm Sullivan & Cromwell and corporate advisers. Bankman-Fried’s remarks provide unprecedented insight into the pivotal moments preceding FTX’s collapse and subsequent bankruptcy proceedings. The timing and circumstances surrounding the leadership handover have become central to understanding the exchange’s dramatic downfall. Legal experts suggest these statements could influence ongoing bankruptcy proceedings and potential future litigation. The interviews mark Bankman-Fried’s most detailed public account of the events leading to FTX’s implosion, offering a rare perspective from the former executive currently awaiting sentencing. Industry analysts note the timing of these revelations coincides with critical developments in the exchange’s restructuring process under Ray’s leadership.