The website, The Block, which is a news and broadcaster on the crypto market, has been among the leading news sources of its followers all over the world for years. It turns out that The Block has been financed by Sam Bankman-Fried for some time.
Although the authors of the site do not know the source of the payments, the discovery of the source being the founder of FTX can of course pose credibility problems in the eyes of the readers. Bankman-Fried is best known as the founder of the now bankrupt FTX and Alameda Research.
He allegedly bought a house in the Bahamas with FTX coins
It was stated that The Block CEO Michael McCaffrey used part of a $16 million payment he received from Alameda to buy him an apartment in the Bahamas. Previously, The Block was acquired by its writers and creators. At the end of this process, McCaffrey, who is the current CEO, acquired most of the shares and entered the board of directors.
Following the latest news, the company’s manager, Bobby Moran, who controls the revenues, was appointed as the CEO, replacing McCaffrey. McCaffrey also stepped down from his board duties.
McCaffrey has received millions of dollars in payments from companies under the control of Bankman-Fried for the companies he has founded so far. McCaffrey first received $12 million in April 2021, then $15 million in January 2022 and $16 million in the spring. On the other hand, it was stated that The Block never received payments directly from Bankman-Fried or McCaffrey’s companies.
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