Bobby Moran of crypto news site “the Block” has announced that he will take over as Chief Executive Officer. Following Mike McCaffrey’s resignation, it reportedly took a buyout from Alameda Research.
In an announcement on Dec. 9, MoransaidMcCaffrey has decided to restructure The Block in 2021, involving two loans totaling $27 million from Alameda Research, the Sam Bankman-Fried Axios hedge fund owned by FTX Group, by Axios. The report states that There is a $16 million loan in a third round in 2022 that McCaffrey has applied to buy real estate in the Bahamas.
According to Moran, The Block’s former CEO refused to disclose the loan to the site’s team. which shows “Serious lack of judgment”
“No one at The Block knew about this financial deal other than Mike,” says Moran. We found no evidence that Mike was improperly trying to influence news or research teams. Especially in the coverage of SBF, FTX and Alameda Research.”
According to McCaffrey’s LinkedIn, he became CEO in April 2020 after separating his stints as COO and Chief of Staff at the platform starting in 2018, with the former CEO currently holding the majority of the site’s ownership.
The Block editor-in-chief, Frank Chaparro, said: “I am deeply saddened by this news. What further shocked me was the disgust and betrayal of Mike’s actions, as well as their greed and non-disclosure. which really makes him a piece of trash.”
Larry Cermak, Vice President of Research at The BlockposeAlameda Research posted a list of investments on his Twitter account on Dec. 6, which included two loans to the platform. But it did not disclose the financial relationship between the news site and the hedge fund.
“Mike has never asked us or anyone else to cover up FTX or SBF news in any way. We have full discretion to do our job.”
The post CEO of news site “the Block” resigns after being caught taking loans from Alameda Research and some of them used to buy a house in the Bahamas appeared first on Bitcoin Addict.