On Dec. 9, 2022, Axios reporter Sara Fischer reported on the CEO of the crypto media The Block after it was found that the chief govt was secretly funded by Alameda Analysis, the now-defunct buying and selling agency co-founded by Sam Bankman-Fried. In accordance with the report, sources say The Block govt Michael McCaffrey acquired $16 million in a single fee and used the funds to buy an house within the Bahamas.
The Block CEO Obtained 3 Funds of $43 Million From Alameda Analysis, One Fee Used to Buy an House within the Bahamas
The Twitter neighborhood has been discussing a brand new revelation that’s tied to the disgraced FTX co-founder Sam Bankman-Fried (SBF) and his quantitive buying and selling agency Alameda Analysis. Reportedly, The Block was funded by Alameda for greater than a yr, and “one $16 million batch of funding” went towards an house within the Bahamas.
The information was reported on by the Axios reporter Sara Fischer on Dec. 9, 2022, and the reporter famous that The Block workers acquired wind of the state of affairs simply earlier than the unique report was printed.
The Block chief govt officer Michael McCaffrey.
Axios famous that The Block’s chief income officer, Bobby Moran, will take over the CEO function as Fischer stated “McCaffrey has resigned as CEO and is leaving the company.” Moran plans to restructure The Block, and try to “buy out McCaffrey’s stake in the company.” The information was confirmed by numerous The Block’s workers on Friday through Twitter.
“I’m absolutely gutted by this news, which was briefed to the company this afternoon,” The Block’s Frank Chaparro tweeted. “Underpinning my shock are feelings of utter disgust and betrayal by Mike’s actions, greed, lack of disclosure. He’s literal scum. He kept every single one of us in the dark.”
The former CEO of the media firm, Mike Dudas, tweeted that the information was “Horrifying.” “[I am] devastated beyond belief,” Dudas said. “I was given less than an hour’s heads up by the CEO of The Block. If you think you’re shocked, I’m literally lost right now.”
The Block’s VP of analysis Larry Cermak additionally tweeted in regards to the state of affairs. “Last few months really can’t get much worse,” Cermak wrote. “Got f***ed by FTX (after naively trusting them like a complete idiot) and now also got f***ed by the CEO. Just like everyone else at The Block, I just found out about this,” the researcher added.
The Block Reports on Agency’s CEO, Story Follows Alleged Circle of Coindesk Patrons
The Block additionally printed an article in regards to the story which cites a press release made by Bobby Moran. “No one at The Block had any knowledge of this financial arrangement besides Mike,” Moran defined in a statement.
“From our own experience,” Moran added. “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.” In accordance with The Block’s personal knowledge, McCaffrey acquired three loans which added as much as roughly $43 million.
The information regarding The Block’s funding follows the report printed by Semafor that defined the crypto information publication Coindesk acquired takeover solicitations from numerous buyers. Apparently, Coindesk printed a report that had been cited by many (together with Wikipedia) as one of many fires that lit the FTX bonfire.
The FTX contagion harm numerous related companies and Coindesk’s mum or dad agency Digital Forex Group (DCG) was not directly exposed to the blowout. Semafor’s Bradley Saacks and Liz Hoffman cited the FTX contagion unfold to DCG and quoted DCG’s founder Barry Silbert within the article. As well as, Semafor itself was funded by FTX co-founder SBF, and Tesla’s Elon Musk not too long ago slammed Semafor’s journalistic integrity over the funding from the disgraced crypto CEO.
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