FTX founder SBF recently stated that handing over control of the company to current CEO John J. Ray III in November 2022 was the "biggest mistake." He received a call just minutes after signing the control transfer protocol, saying that external investment might save the company from bankruptcy, but it was too late to withdraw his signature. FTX subsequently filed for bankruptcy and was assisted by the law firm S&C in handling the bankruptcy matters, which accumulated over 171 million in the process.

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