.SBF_FTX has been secretly pouring tens of millions of dollars into crypto news site TheBlock__
by Axios, Michael McCaffrey, chief executive officer at cryptocurrency news site The Block, has stepped down after it turned out that his company was secretly receiving funding from disgraced FTX founder Sam Bankman-Fried.
McCaffrey, who took the reins in April 2020, has also left the board of the scandal-hit crypto media outlet . The Block bought out its non-employee shareholders in April 2021, claiming that it became independent from outside interests. From the get-go, the site relied on venture capital investment to remain afloat. However, according to Axios, the buyout was secretly financed with a $12 million loan he received from Bankman-Fried via one of his limited liability companies . The Block also received a $15 million loan from the FTX founder in early 2022.
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