FTX secretly funded cryptocurrency media outlet The Block

The CEO of The blocka website d’crypto news American established, has received several tens of millions of dollars from hedge fund of the group FTX. Michael McCaffrey a resigned following the disclosures.

Alameda ResearchMarket maker and sister company of failed platform. FTXhas repeatedly lent money to companies owned by Michael McCaffreyat GENERAL MANAGER of cryptocurrency media The blockchain.

The first two loans, of $12 million and $15 million, were used to. draw out shareholders and pay for media expenses.. The third, in the amount of $16 million, was used by McCaffrey to fund thepurchase of real estate in the Bahamasthe former headquarters of Sam Bankman Fried.

Following the revelations, McCaffrey resigned and. Bobby MoranCRO of The Block, has been named CHIEF EXECUTIVE OFFICER effective immediately.

The news came as a surprise and a disappointment to The Block’s management team. Mike’s decision to borrow from SBF and not disclose this information demonstrates a serious lack of judgment. It undermines the reputation and credibility of The Block, especially our journalists and researchers, and our efforts to be transparent. […]”, Moran said in a releaseand that no one at The Block was aware of this financial arrangement.

The new CEO further stated that McCaffrey had never tried to “unduly” influence the media outlet’s editorial staff, particularly with regard to stories about SBF and FTX.

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