The Block CEO Resigns After Refusing to Reveal Loans Received from SBF’s Alameda Research

The Block’s CEO resigned after failing to disclose that he received numerous loans from Sam Bankman-Fried’s Alameda Research.

As reported by The Block itself, the crypto news website’s own CEO Michael McCaffrey stepped down on Friday after other employees learned he received three loans from Alameda Research. McCaffrey, who will also resign from the company’s board of directors, has been replaced by chief revenue officer Bobby Moran effective immediately. However, McCaffrey will remain the firm’s majority shareholder.

“No one at The Block had any knowledge of this financial arrangement besides Mike,” explained Moran in a statement. “From our own experience, we have seen no evidence that Mike ever sought to improperly influence the newsroom or research teams, particularly in their coverage of SBF, FTX and Alameda Research.” One of the loans, in the amount of $12 million, was used to buy out the company’s other investors, while another $15 million was used to pay for the news site’s daily operations. The third loan from Alameda Research was to the tune of $16 million, of which McCaffrey used to purchase Bahamas real estate for himself.

McCaffrey’s resignation comes in light of a cascading series of crypto fallouts, which were sparked by the high-profile implosion of disgraced SBF’s FTX empire.

Information for this briefing was found via The Block. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Can Historic Silver Data Turn Into a New Mine? | Rob Macdonald – Equity Metals

Is This the Most Overlooked Critical Mineral? (+1000% Move) | Guy Bourassa – Scandium Canada

Is Gold Entering a New 15-Year Cycle? | Rod Husband

Recommended

Silver47 Launches 7,000-Meter Hughes Drill Program In Nevada

Advanced Gold Acquires Nevada Property With Historic Production At 1,611 g/t Silver

Related News

FTX Will Recoup $404M Cash Investment Into Hedge Fund Modulo Capital

Infamously bankrupt crypto exchange FTX will recover over $400 million in cash that former CEO...

Saturday, March 25, 2023, 03:42:00 PM

In A Nutshell: How FTX Fell From Grace, According To Sam Bankman-Fried Himself

Much has been said about crypto exchange FTX and its embattled leader Sam Bankman-Fried on...

Tuesday, November 15, 2022, 12:57:00 PM

Sam Bankman-Fried – No. 2 Top Democrat Donor – Also Donated To Republicans “About The Same Amount”

But he kept it in the dark because “reporters will freak the f*ck out.” Next...

Wednesday, November 30, 2022, 03:51:00 PM

World Economic Forum Deletes Page Referencing FTX As A Partner

It appears that the World Economic Forum is cutting ties with what is left of...

Monday, November 14, 2022, 01:40:10 PM

What Do Sam Bankman-Fried’s Cryptic Tweets Mean?

On November 14, former FTX CEO Sam Bankman-Fried posted a series of cryptic messages over...

Tuesday, November 15, 2022, 02:21:00 PM