CoinDesk Broke Big News About FTX. Now the News Is Closer to Home.

Nick Baker, CoinDesk’s deputy editor in chief, who has worked on its coverage of FTX and edited Mr. Allison’s article, said he thought the scoop had brought CoinDesk more recognition.

“Our profile has been raised tremendously,” Mr. Baker said, noting that major legacy media outlets have cited the publication.

At the same time, the collapse of FTX exposed some of the ties between the crypto industry and the publications dedicated to covering it. In December, Axios reported that The Block, which covers the industry, received undisclosed funding from Mr. Bankman-Fried, including a $16 million loan from Alameda that was used in part to finance an apartment in the Bahamas for Michael McCaffrey, The Block’s chief executive. The funding from Mr. Bankman-Fried raised questions about The Block’s reporting on FTX. Mr. McCaffery resigned. He could not be reached for comment.

DCG says it has not received any money directly from FTX or Alameda.

The site, which is free, relies on advertising for its revenue. The publication also makes money from the Consensus festival, a cryptocurrency conference. Last year’s speakers included Kimbal Musk, Elon Musk’s brother, and Frances Haugen, the Facebook whistle-blower.

Mr. Casey said crypto companies’ marketing budgets were hurt by the financial decline in the industry. He also said the next Consensus was likely to be smaller than it was last year because of less sponsorship money.

There have also been rumblings that CoinDesk has received buyout offers. CoinDesk declined to provide details on its finances, or about any possible offers.

Mr. Casey said the company was committed to building a lasting media business covering the industry. “My view about crypto is that it’s just not going away no matter what anybody might wish,” he said.

Article source: https://www.nytimes.com/2023/01/16/business/media/coindesk-ftx-cryptocurrency.html