FTX secretly funded crypto news site The Block: report

Beleaguered cryptocurrency exchange FTX secretly funded media company The Block for over a year, with money being sent to the company’s chief executive Michael McCaffrey, reported tech publication Axios on Friday.

The report said McCaffrey, who stepped down as the CEO of The Block, received two loans from Alameda Research – Sam Bankman-Fried’s trading platform – of about $27 million to restructure his company. Another loan of $16 million, was used by the CEO to fund his property purchase in the Bahamas.