FTX CEO secretly gave $27 million to crypto news site The Block, its CEO

Sam Bankman-Fried (SBF), former CEO of now-bankrupt crypto exchange FTX, gave $27 million in a series of undisclosed loans to Michael McCaffrey, CEO of crypto news website The Block, to help it stay afloat.

Bankman-Fried also loaned McCaffery $16 million, some of which helped him purchase property in the Bahamas, where FTX is headquartered, according to Axios.

McCaffrey has resigned after “failing to disclose a series of loans from disgraced former FTX head Sam Bankman-Fried’s Alameda Research”, The Block said late on Friday.

“He was the only person with knowledge of the funding at the company,” it added.

Bobby Moran, The Block’s chief revenue officer, will step into the role of CEO, effective immediately.