December 9, 2022, Axios reporter Sara The CEO of Fischer cryptocurrency media The Block was secretly funded by Alameda Research, a now-defunct trading firm co-founded by Sam Bankman-Fried, according to a report. According to sources, The Block executive Michael McCaffrey received $16 million in one payment and used the money to buy an apartment in the Bahamas.
Block CEO received three of his $43 million payments from Alameda Research. One payment was used to purchase an apartment in the Bahamas
to disgraced FTX co-founder Sam Bankman-Fried (SBF) and his quantitative trading firm Alameda Research. . The Block reportedly said he’s been funded by Alameda for over a year, with a “$16 million funding batch” going for an apartment in the Bahamas.
The news was reported by her Axios reporter Sarah Fischer on December 9, 2022, who said that Block employees just before the exclusive report was issued. said he was aware of the situation.
Axios announced that her Bobby Moran, Chief Revenue Officer of The Block, will take over her CEO role, and Fischer will “resign as her CEO and leave the company.” said. Moran is planning to restructure The Block and is trying to “buy out McCaffrey’s stake in the company.” The news was confirmed by a number of The Block employees via Twitter on Friday. The Block’s Frank Chaparro tweeted. “What underpins my shock is the utter disgust and betrayal, greed and lack of disclosure of Mike’s actions. He’s literally a scum.He kept each one of us in the dark.”
Former CEO of the media company Mike Dudas tweeted that the news was “terrifying.” “[I’m] incredibly devastated,” Dudas said . If you think there is, I’m at a loss right now.”
The Block’s VP of Research Larry Cermak also tweeted about the situation. “The last few months couldn’t get any worse,” wrote Cermak. “FTX (after simply trusting like a complete idiot) was fucked by FTX and now by the CEO too. Like everyone else on the block, I found out about this,” said the researcher. added.
The Block reports on the company’s CEO. The story follows the alleged Coindesk buyer
The Block also published an article about the story citing Bobby Moran’s statement. “No one at The Block knew anything about this financial arrangement other than Mike,” Moran explained in a statement on .
“From our own experience,” Moran added. “There is no evidence that Mike attempted to improperly influence newsrooms or research teams, particularly in reporting for SBF, FTX, and Alameda Research.” Received loans, totaling about $43 million.
The Block funding news follows a report published by Semafor in which cryptocurrency news publication Coindesk received acquisition solicitations from a number of investors is explained. Interestingly, Coindesk published a report. This was cited by many (including Wikipedia) as one of the fires that lit the FTX bonfire.
The FTX epidemic hit many affiliates, with Coindesk’s parent company Digital Currency Group (DCG) indirectlyexposed. Semafor’s Bradley Saacks and his Liz Hoffman cited the FTX contagion spreading to his DCG, and in the article he cited DCG founder Barry Silbert. Additionally, Semafor itself was funded by his FTX co-founder, SBF, and Tesla’s Elon Musk recently spoke out about funding from the disgraceful cryptocurrency CEO. , denounced Semafor’s journalistic integrity.
What are your thoughts on the news that crypto publication The Block has been receiving $43 million in funding from Alameda for over a year? Let us know what you think about this subject in the comments section.
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