Crypto News Outlet The Block was Secretly Funded by Alameda Research

The news outlet has confirmed that The Block’s CEO received undisclosed funding from Sam Bankman-Fried’s hedge fund.Author:BtcCaseyPublish date:Dec 9, 2022The news outlet has confirmed that The Block’s CEO received undisclosed funding from Sam Bankman-Fried’s hedge fund.Cryptocurrency news outlet The Block’s CEO has stepped down following revelations of undisclosed loans from disgraced FTX CEO Sam Bankman-Fried’s hedge fund, Alameda Research. Axios reports that no one else at the company knew about these loans made to LLCs controlled by Michael McCaffrey, the company’s CEO. McCaffrey’s LLC received three separate loans from Alameda. The first was used to finance The Block’s $12 million April 2021 purchase under the LLC MJMCCAFFREY. A second $15 million loan was provided by Lonely Road in January 2022 for funding The Block. According to the report, a third loan of $16million was given to Red Sea LLC, which McCaffrey used in part to purchase an apartment in the Bahamas. Bobby Moran, The Block’s Chief Revenue Officer, will assume the CEO role. The company will restructure to buy McCaffrey’s stake in the company. The report stated how the “news shocked” The Block’s editorial leadership. Sources say they are furious at McCaffrey’s failure disclose such a close financial partnership with Bankman-Fried. Or anyone else for that matter. We had complete discretion to do our jobs.” Frank Chaparro, The Block’s news director, made this statement via twitter: Tagsterms.Sam BankmanFriedFTX

 

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