Michael McCaffrey stepped down as CEO of The Block last week after news of the loans was first reported by Axios. The Block issued a statement confirming the report.
The Block received three loans from Alameda Research, the hedge fund founded by Bankman-Fried that has been blamed for FTX’s implosion.
In January, The Block received another loan — this one for $15 million, which was used to fund the cash-strapped site’s day-to-day operations, Axios reported.The third loan for $16 million, was issued in the spring and was used by McCaffrey to buy himself real estate in the Bahamas, according to Axios.
Last month, FTX filed for Chapter 11 bankruptcy after the company used billions of dollars worth of customer funds to cover losses incurred by Alameda Research. FTX also spent $300 million to buy real estate in the Bahamas.
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