The Block CEO is out after this connection with FTX.
there was also a third $16-million loan in 2022 that McCaffrey used to purchase property in the Bahamas.
According to Moran, the former CEO of The Block failed to disclose the loans to the site’s leadership team, demonstrating “a serious lack of judgment.” The platform’s leadership asked Moran to step down. “No one at The Block had any knowledge of this financial arrangement besides Mike,” said Moran. “From our own experience, we have seen no evidence that Mike ever sought to improperly influence the newsroom or research teams, particularly in their coverage of SBF, FTX, and Alameda Research.”
According to McCaffrey’s LinkedIn, he became CEO in April 2020 after separate tenures as chief operating officer and chief of staff at the platform starting in 2018. The now-former CEO reportedly the charge in buying out non-employee shareholders in April 2021, leading to McCaffrey having a majority stake in the site.The Block’s editor-at-large Frank Chaparro. “Underpinning my shock are feelings of utter disgust and betrayal by Mike’s actions, greed, lack of disclosure. He’s literal scum. He kept every single one of us in the dark.”
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