New FTX CEO says they won’t ‘be able to recover all the losses here’

New FTX CEO John J. Ray testified Tuesday before U.S. Congress on the collapse of the cryptocurrency exchange program and called it a “mining operation” as they try to locate and recoup their customer’s money. “At the end of the day, we’re not going to be able to recover all the losses here. Money was spent that we’ll never get back — there will be losses on the international side, we’re hopeful on the U.S. side,” Ray said in his assessment.

• FTX seeks to recoup over US$1B allegedly taken by Sam Bankman-Fried, others