Sam Bankman-Fried regrets the decision to relinquish control: What was the turning point in the FTX incident?

FTX founder and former CEO Sam Bankman-Fried expressed remorse over his decision to transfer management control to John J. Ray III. According to him, shortly after the transfer of authority, investment opportunities to rebuild the company emerged, but it was already too late, and he was unable to seize those opportunities.

The situation when Bankman-Fried relinquished control reflected the tense management environment at the time. Ray had no practical experience in the cryptocurrency industry and immediately steered the company toward bankruptcy proceedings. During this process, a deep rift developed between him and Bankman-Fried, and all communication between the two was completely cut off.

As FTX’s management crisis deepened, the situation worsened further. Bankman-Fried was eventually arrested and charged with seven serious crimes related to the collapse of the exchange. Through subsequent trials, he was convicted, causing a major shock to the industry.

This series of events highlights the importance of management decisions in the cryptocurrency industry and the harsh reality that once a decision is made, it cannot be undone. The choice of management transfer that Bankman-Fried regrets became a pivotal turning point in the history of FTX’s collapse.