The Block’s vice president of research, Larry Cermak, has announced that he will take over the crypto and blockchain news site from interim CEO Bobby Moran. It is the second leadership change since former CEO Mike McCaffrey reportedly funded the platform through a buyout from Alameda Research.
In a tweet on March 31, Cermak saidHe will step up as CEO after about five years at crypto news site Axios.reportThe Block has laid off about 33% of its staff, including Moran, in an effort to stabilize the platform after receiving a loan from former FTX and Alameda Research founder Sam Bankman-Fried.
“We are not immune to the crypto market contraction and the economy at large,” the company said. in line with the realities of the current market.”
In December 2022, Moran revealed that McCaffrey had taken two loans totaling $27 million from Alameda in 2021 in an attempt to restructure the crypto news site. The Block’s editor-in-chief, Frank Chaparro, previously called McCaffrey a “scum” for betraying the platform’s employees.praise Cermak, who stepped up as CEO, said the site “Back to the original roots”
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