The details outlet has confirmed that The Block’s CEO got undisclosed funding from Sam Bankman-Fried’s hedge fund.
The details outlet has confirmed that The Block’s CEO got undisclosed funding from Sam Bankman-Fried’s hedge fund.
Cryptocurrency data outlet The Block’s CEO has stepped down following revelations of undisclosed loans from disgraced FTX CEO Sam Bankman-Fried’s hedge fund, Alameda Study.
Per a document by Axios, no one else on the company became once responsive to those loans, made to LLCs below control by the company’s CEO, Michael McCaffrey.
The LLC’s owned by McCaffrey got three separate loans from Alameda, with the first being dilapidated to finance the $12 million April 2021 purchase of The Block below the LLC MJMCCAFFREY.
A second $15 million mortgage in January of 2022 equipped funding for The Block by process of an LLC named Lonely Side twin carriageway. A third mortgage of $16 million, in step with the document, “went to an LLC named Red Sea that McCaffrey dilapidated, in part, to purchase [a] Bahamas condo.”
The Block’s Chief Earnings Officer Bobby Moran will take over as CEO, and the company will gaze to restructure in inform to purchase out McCaffrey’s stake within the company.
The document described how the “data came as a shock to The Block’s editorial management, who sources tell are livid about McCaffrey’s failure to repeat this form of end and serious financial partnership with Bankman-Fried and Alameda…”
Larry Cermak, The Block’s VP of overview, talked about that “Mike never asked me or anyone in overview to mask FTX or SBF in any recount scheme. Or anyone else, for that subject. We had total discretion to plot our jobs.”
Frank Chaparro, The Block’s data director, launched this statement on twitter:
