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Michael McCaffrey, CEO of crypto news outlet The Block, has resigned after failing to disclose a series of loans from Alameda Research, a company associated with former FTX head Sam Bankman-Fried (SBF).
McCaffrey took over as CEO in 2021 after using a $12 million loan from Alameda to acquire other investors in the company. He received his two additional loans from Alameda. One in January he had $15 million and another earlier this year he had $16 million. McCaffrey also plans to step down from The Block’s board of directors, which plans to expand to three members.
The Block founder Mike Dudas took to Twitter to express his distress in anticipation of the news of a “business betrayal” that the community would soon “know all about”.
I learned about the worst personal betrayal of my life
I have no words
Mike Dudas (,) (@mdudas) December 9, 2022
Bobby Moran, the company’s Chief Revenue Officer, will become CEO, effective immediately.
Moran said statement “Nobody on The Block had any knowledge of this financial arrangement other than Mike.”
“From our own experience, we see no evidence that Mike attempted to improperly influence the newsroom or research team, particularly in the reporting of SBF, FTX and Alameda Research.”
In a statement, Moran called the news “a shock and disappointment to The Block’s leadership team.”
1/ I have some difficult news to share. I am stepping down as CEO of The Block. It’s painful for me personally, but it’s the right thing for The Block and the team.
Mike McCaffrey (@McCaffrMike) December 9, 2022
Moran acknowledged that the block would come under scrutiny once the news of Alameda’s funding went public, and made a reassuring final statement on the block’s integrity.
Brock’s mission is to be the leading source of objective, impactful and timely information covering the world of digital assets. I believe we can get through this period in our history.
More details to come
