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‘The Block’ CEO Steps Down Following Revelations of Secret SBF Funding
Mike McAffrey – CEO of The Block – has accepted millions of dollars in undisclosed funding from disgraced FTX boss Sam Bankman-Fried.
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?