• Login
Crypto Newsmart
No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE
No Result
View All Result
Crypto Newsmart
No Result
View All Result

Sam Bankman-Fried Loaned $43 Million to The Block’s CEO

in Blockchain
Reading Time: 3 mins read
Sam Bankman-Fried Loaned  Million to The Block’s CEO
7
VIEWS
Share on Facebook

 

Key Takeaways

  • The Block CEO Michael McCaffrey was revealed today to have secretly borrowed $43 million from Sam Bankman-Fried.
  • At least $27 million were used to fund the crypto news company.
  • McCaffrey has resigned.

Share this article

Sam Bankman-Fried provided The Block at least $27 million in funding in the last year and a half. It appears that no one at the company was aware of the deal except for CEO Michael McCaffrey.

SBF Funded The Block

The FTX saga keeps taking unexpected turns.

According to a report from Axios, crypto news company The Block benefited from three multi-million dollar loans from former FTX CEO Sam Bankman-Fried over the last year and a half. The loans were directly made to The Block CEO Michael McCaffrey, who appears to have not disclosed them to any other company members.

The report indicates McCaffrey received a first loan of $12 million in April 2021, a second of $15 million in January 2022, and a third of $16 million sometime in spring of 2022. The first two loans were reportedly used to restructure the company and shore up its balance sheet. At least part of the third loan was allegedly funneled for McCaffey to buy property in the Bahamas. McCaffrey himself stated that the first two loans used to “strengthen the business’ position” in a Twitter thread. He did not confirm the existence of a third loan.

McCaffrey announced his resignation as the company’s CEO and sole board member shortly after the publication of the Axios report; he was replaced by former chief revenue officer Bobby Moran. “No one at The Block had any knowledge of this financial arrangement besides Mike,” claimed Moran in a public statement. Moran indicated that McCaffrey only disclosed the loans to him just before November 24. Other company members were made aware of the situation this afternoon during an all-hands meeting.

“Had I known about this, I would have not only called it out and disputed [McCaffrey’s] actions, but called for an immediate change in leadership. Putting aside the FTX meltdown, there is no excuse for his deception and disregard for the 160 people who work at The Block,” said The Block editor-at-large Frank Chaparro. Other members of the company voiced similar feelings. 

The terms of the deals between McCaffrey and Bankman-Fried are still unclear. “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,” said Moran in his statement. 

The Block recently published a two-hour long interview between Chaparro and Bankman-Fried. Chaparro was well praised by the crypto community for his stern, unyielding attitude towards the disgraced exchange founder.

Disclaimer: At the time of writing, the author of this piece owned BTC, ETH, and several other crypto assets.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source link

DECENTRALIZED FINANCE (DeFi)


  • Trending
  • Comments
  • Latest
5 Bots for crypto trading in 2023

5 Bots for crypto trading in 2023

18 January 2023
Crypto Trading vs Stock Trading in 2023

Crypto Trading vs Stock Trading in 2023

19 January 2023
10 Crypto Trading Strategies You Need To Know

10 Crypto Trading Strategies You Need To Know

13 January 2023
How to trade cryptocurrency

How to trade cryptocurrency : for Beginners Guide

25 January 2023
Cryptocurrencies vs. Tokens: Digital Assets

Cryptocurrencies vs. Tokens: Digital Assets

19 January 2023
How to trade cryptocurrency on Binance

How to trade cryptocurrency on Binance

27 January 2023
most profitable coin to mine

The most profitable coin to mine in 2023

26 January 2023
Looking back: 2022 on ethereum.org

Looking back: 2022 on ethereum.org

26 January 2023
Asia Broadband announces release date of Gold-Backed Baboons NFT collection

Asia Broadband announces release date of Gold-Backed Baboons NFT collection

26 January 2023
How to trade cryptocurrency

How to trade cryptocurrency : for Beginners Guide

25 January 2023

  • Home
  • Disclaimer
  • Privacy Policy
  • Digital Millennium Copyright Act Policy (DMCA)
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us
CRYPTO NEWSMART

Copyright © 2021 Crypto Newsmart.

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE

Copyright © 2021 Crypto Newsmart.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Manage Cookie Consent

We use cookies to optimise our website and our service.

Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
Preferences
{title} {title} {title}