The Block was funded by former media CEO Sam Bankman-Fried
In order to carry out the restructuring of crypto media The Block, its CEO Michael McCaffrey would seek funding from Sam Bankman-Fried without informing his employees. Therefore, the concerned person was forced to resign immediately.
Sam Bankman-Fried funded The Block’s CEO
It’s bad publicity that our colleagues from the specialist cryptocurrency media, The Block, could certainly do without. It really turns out that way its CEO Michael McCaffrey was funded by Sam Bankman-Fried (SBF). Through Alameda Research, without the knowledge of all its employees.
Michael McCaffrey, he was forced to resign with immediate effecthe reportedly disclosed his information to his successor, Bobby Moran, shortly before November 24.
— The Block (@TheBlock__) December 9, 2022
This work is for 2021 When the restructuring plan was launched at The Block, to make the media independent of its original investors. In total, this will cover three credits. Thus, the first loan of $12 million would be used to buy back the shares of these investors.
Then, in January of that year, a second loan of $15 million was reportedly used to finance The Block’s day-to-day operations. Finally, a third loan of $16 million It would allow you to buy real estate in the Bahamas.
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Freedom of the press was challenged
Confronted with these revelations, The Block confirms this only Michael McCaffrey would be aware of these transactions, and said it will use other companies it owns to get funding from Alameda Research. The media condemned these actions as follows:
“This news comes as both a shock and a disappointment to The Block’s management team. Mike’s decision to take a loan from SBF and not disclose this information shows a serious lack of judgment. This damages the reputation and credibility of The Block, especially our journalists. […]. »
In addition, The Block claims that, as far as it knows, its former CEO would not try to influence the editorial line in favor of Sam Bankman-Fried.
Binance CEO Changpeng Zhao (CZ) didn’t feel that way, but he jumped at the chance to say he’d explain why. Allegedly, Blok got tough in his work for no reason :
I’ve always wondered if we ever did something wrong to piss off The Block because they were so hard on us for no apparent reason. It all makes sense now.
— CZ ? Binance (@cz_binance) December 9, 2022
At a time when transparency is important, we’re discovering every day the extent of the branches of the collapsed FTX empireas well as all suspicious acts committed.
? Also in news – NFTs placed in FTX are damaged and invisible to their owners
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Source: The Block
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