‘The Block’ CEO Steps Down Following Revelations of Secret SBF Funding

Btc

Bitcoin

$27.945
price

1.30772%
price change

TRADE NOW

The former billionaire’s aid was split across three loans – each for $12 million, $15 million, and $16 million.

• The first loan, received in April 2021 through a holding company MJMCCAFFREY, was used by McAffrey to lead a buyout and restructuring of the crypto media site. 
• The next was accepted in January 2022 by another LLC, “Lonely Road,” to provide funding for The Block. 
• Axios reported that the third $16 million loan went to an LLC named “Red Sea.” McAffrey used part of these funds to purchase an apartment in the Bahamas – where FTX and Bankman-Fried are based. 
• McAffrey confessed to having secretly received the first two loans over Twitter on Friday while stepping down from his role. He made no comments regarding the third. 

• My rationale – undoubtedly poor judgment in hindsight – was that knowledge of the loan might be seen to compromise the objectivity of their coverage of SBF and his related entities,” he claimed. 

• Bobby Moran, the company’s Chief Revenue Officer, will now take over as CEO. Moran expressed frustration over the ordeal, believing the revelations will call The Block’s integrity into question. 
• Nevertheless, VP of research Larry Cermak stated that the CEO had never exerted pressure on employees to cover or investigate SBF in a particular way. “We had complete discretion to do our jobs,” he said. 
• Michael Saylor – executive chairman of MicroStrategy – believed the funding was just another sign of Bankman-Fried’s corruption. 

Sam used stolen & counterfeit money in order to corrupt the establishment,” he said over Twitter on Friday. “How many other media companies, academics, influencers, agents, & politicians did he corrupt and/or co-opt?