The CEO of The blocka Side? site fromcrypto news established Americans, received several tens of millions of dollars out hedge fund from the group FTX. Michael McCaffrey Has resigned the following revelations.
Alameda ResearchMarket maker and sister companies of the bankrupt platform FTXhas repeatedly lent money to companies owned by Michael McCaffreythe chairman Media specializing in cryptocurrencies The block.
The first two loans, $12 million and $15 million, took some getting used to Get shareholders out and pay media costs. The third, worth $16 million, was used by McCaffrey to fund the projectBuying real estate in the Bahamasthe former headquarters of Sam Bankman Fried.
Following the revelations, McCaffrey resigned and Bobby MoranCRO of The Block, has been appointed chairman with immediate effect.
This news came as both a shock and disappointment to The Block’s management team. Mike’s decision to borrow from SBF and not disclose this information demonstrates a serious lack of judgment. This undermines The Block’s reputation and credibility, particularly that of our journalists and researchers, and our efforts at transparency. […]said Moran in a communicatesto ensure that no employee of The Block was aware of this financial arrangement.
The new CEO further claims McCaffrey never attempted to “unduly” influence the news outlet’s editorial staff, particularly on topics related to SBF and FTX.