Crypto News Outlet The Block Was Secretly Funded By Alameda Research

Cryptocurrency quality outlet The Block’s CEO has stepped down pursuing revelations of undisclosed loans from disgraced FTX CEO Sam Bankman-Fried’s hedge fund, Alameda Research. 
Per a report by Axios, cipher other astatine the institution was alert of these loans, made to LLCs nether power by the company’s CEO, Michael McCaffrey.

The LLC’s owned by McCaffrey received 3 abstracted loans from Alameda, with the archetypal being utilized to concern the $12 cardinal April 2021 acquisition of The Block nether the LLC MJMCCAFFREY LLC.

A 2nd $15 cardinal indebtedness successful January of 2022 provided backing for The Block via an LLC named Lonely Road. A 3rd indebtedness of $16 million, according to the report, “went to an LLC named Red Sea that McCaffrey used, successful part, to bargain [a] Bahamas apartment.”

The Block’s Chief Revenue Officer Bobby Moran volition instrumentality implicit arsenic CEO, and the institution volition question to restructure successful bid to bargain retired McCaffrey’s involvement successful the company.

The study described however the “news came arsenic a daze to The Block's editorial leadership, who sources accidental are livid astir McCaffrey's nonaccomplishment to disclose specified a adjacent and captious fiscal concern with Bankman-Fried and Alameda…”

Larry Cermak, The Block’s VP of research, stated that "Mike ne'er asked maine oregon anyone successful probe to screen FTX oregon SBF successful immoderate peculiar way. Or anyone else, for that matter. We had implicit discretion to bash our jobs.”