The news outlet has confirmed that The Block’s CEO received undisclosed funding from Sam Bankman-Fried’s hedge fund.
Cryptocurrency news outlet The Block’s CEO has stepped down following revelations of undisclosed loans from disgraced FTX CEO Sam Bankman-Fried’s hedge fund, Alameda Research.
Per a report by Axios, nobody else at the company was aware of these loans, made to LLCs under control by the company’s CEO, Michael McCaffrey.
The LLC’s owned by McCaffrey received three separate loans from Alameda, with the first being used to finance the $ 12 million April 2021 purchase of The Block under the LLC MJMCCAFFREY.