The Block was funded by FTX’s SBF secretly

Michael McCaffrey revealed that the FTX founder secretly funded huge amounts of money for The Block company. 

The Block is a popular digital asset news media website. The team behind The Block is very big and aims to provide reliable news on Cryptocurrencies on behalf of perfect research. Michael McCaffrey was CEO of this crypto news platform before today. 

On 10 December, Michael McCaffrey took to Twitter to reveal his financial relationships with Sam Bankman-Fried (SBF) & FTX crypto exchange. 

First of all, The Block CEO confirmed that he is leaving his position in the company and further explained that he collected a total of $43 million as a loan from FXT founder SBF in the last one & half year.

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3/ The loan was to an entity I own and the funds were used to effect the restructuring. In early 2022, there was an additional $15m loan to strengthen the business’s position.

— Mike McCaffrey (@McCaffrMike) December 9, 2022

The Block ex-CEO also confirmed that no one was aware of those loans but he took loan amounts to restructure & reorganise the company as a better platform in the crypto sector. 

“I didn’t disclose the loan to anyone. No one at The Block knew about the financial arrangement between my holding company and SBF, including the editorial and the research teams,” the ex-CEO said

Further, McCaffrey also admitted that the whole activities in this way by him were unfair & unethical, which is surely impacting the reputation of The Block platform but at the same time, he claimed that he never affected the coverage news about FTX or its founder SBF. 

In the last, he said sorry to all his team workers and stated that he is fully confident that the team will do better in the future, as usual, to deliver transparent news on the crypto sector.

Few reports claimed that the secret loan taken by the former CEO of TheBlock was used to buy properties this year because he didn’t talk about the third loan fund enough.

Read also: Russian crypto miners increasing their investment in Asic machines

The Block was funded by FTX’s SBF secretly

 

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