The Block CEO reveals that he secretly received a $43 million loan from SBF and will resign

10/12/2022 09:03

Mike McCaffrey, CEO of the encrypted media The Block, tweeted that he would resign as CEO, "The Block is in danger in early 2021. I am evaluating whether to sell, merge or reorganize. The only option is to obtain from SBF in February 2021. $12M loan to restructure; additional $15M loan in early 2022 to strengthen business position, I did not disclose this loan to anyone, and absolutely no one at The Block knew about the financial arrangements with SBF, including the editor and the research team. My rationale (certainly misjudged in hindsight) was that knowledge of the loan could be seen as compromising the objectivity of their reporting on SBF and its related entities. I never attempted to influence FTX, Alameda, or SBF However, my decision has damaged the credibility of The Block and the talents who have worked non-stop to cover the industry, and I apologize to my teammates at The Block.” In addition, The Block’s official website announced that Mike McCaffrey received a total of three loans totaling $43 million, the first of which was $12 million for the acquisition of The Block in 2021, and he took over daily operations as CEO; A second $15 million loan in January 2022 was used to fund day-to-day operations, while another $16 million earlier this year was used to purchase personal property in the Bahamas.

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The Block CEO reveals that he secretly received a $43 million loan from SBF and will resign

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