The highly regarded news outlet's leadership has expressed anger that its CEO took loans from SBF without disclosing it to them or the public cryptonews
, it was revealed that The Block CEO Michael McCaffrey's April 2021 employee buyout was funded in large part by two loans totalling $27 million from the disgraced CEO of the bankrupt FTX and FTX US cryptocurrency exchanges and trading firm Alameda Research.
Beyond the $27 million loans, McCaffrey later took out a third loan, for $16 million, which was used by McCaffrey to buy an apartment in The Bahamas, The Block and Axios reported McCaffrey remains its largest shareholder, but "will have no day-to-day management or operational responsibilities at The Block," Moran, now CEO,"This news came as both a shock and disappointment to The Block leadership team," Moran said, adding that no one else at the company knew of the source of McCaffrey's funding for the buyout.
"Mike's decision to take out a loan from SBF and not disclose that information demonstrates a serious lack of judgment. It undermines The Block's reputation and credibility, especially that of our reporters and researchers, as well as our efforts at industry-leading transparency… We are confident that any objective analysis will show that our team's work has been and remains fair, independent, and accurate.
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