Crypto media The Block quietly financed by SBF

The FTX affair continues to stink up the cryptosphere with more and more sickening revelations. Latest: Alameda Research is said to have generously extended several loans totaling $43 million to the CEO of The blocka well-known industry news site.

SBF financed the managing director of The block

The news shocked more than one, and above all the employees in the media The block which apparently found out when their CEO, Michael McCaffrey, resigned. The guy, who has been in place since 2021, would have simply failed to disclose a series of loans from Alameda Research, the trading company founded by Sam Bankman-Fried.

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First revealed by an article by Axios, then confirmed by the former Chief Revenue Officer of The blockBobby Moran, CEO Michael McCaffrey of the news site would have sought funding from Sam Bankman-Fried to carry out a restructuring of the media. An initial loan of $12 million would have served first to buy back the original investors’ shares. A second in January 2022, for $15 million, would have followed to support the company’s cash flow needs. Finally, a third loan of $16 million would have allowed the CEO to buy real estate in the Bahamas, according to Axios.

The credibility of The block is about

Michael McCaffrey has resigned and is also leaving the company’s board, while for now he is the majority shareholder according to an article by The block. Article revealing that his successor Bobby Moran would only have heard of the loans at the end of November last year and that apart from him, no one at the company knew about it, where the former CEO used other companies he controlled to receive funding from Alameda Research.

This news was both a shock and a disappointment to The Block’s management team. Mike’s decision to take out a loan with SBF and not disclose this information shows a serious lack of judgment. This undermines The Block’s reputation and credibility, particularly that of our journalists and researchers, as well as our industry-leading transparency efforts.. »

Bobby Moran, new CEO of The blockin the press release

However, Bobby Morand assures that, as far as he knows, the media’s editorial line has not been influenced by Sam Bankman-Fried’s favor. A point of view that does not seem not shared by CZCEO of Binance, who believes that he received particularly harsh treatment from The block since FTX’s bankruptcy.

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Others are justifiably concerned about new revelations about the system of corruption that SBF had apparently put in place to conduct its business quietly.

Sam used stolen and fake money to corrupt the establishment and undermine bitcoin. This is only the tip of the iceberg. How many other journalists, academics, fund managers, politicians, charities, influencers and lobbyists has he bribed or co-opted?

Michael Saylor on Twitter

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