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December 9, 2022 10:40 pm

The Block CEO Resigns After Failure To Disclose Loans From Bankman-Fried's Alameda

The Block Chief Executive Officer Michael McCaffrey resigned after failing to disclose a series of loans from disgraced former FTX head Sam Bankman-Fried's Alameda Research. He was the only person with knowledge of the funding at the company. The Block reports: Bobby Moran, The Block's chief revenue officer, will step into the role of CEO, effective immediately, according to a company statement. "No one at The Block had any knowledge of this financial arrangement besides Mike," Moran said in a statement. "From our own experience, we have seen no evidence that Mike ever sought to improperly influence the newsroom or research teams, particularly in their coverage of SBF, FTX and Alameda Research." McCaffrey received three loans in total, the first of which was in the amount of $12 million and was used in 2021 to buy out other investors in the crypto news, data and research provider. He took over day-to-day operations as the CEO at that time. A second $15 million loan in January was used to help fund day-to-day operations, while another $16 million earlier this year was used to purchase personal real estate in the Bahamas. In addition to stepping down as CEO, McCaffrey will step down from the company's board, which is set to expand to three people.

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