The Block, a media company that says it covers crypto news independently, has been secretly funded for over a year with money funneled to the CEO from Sam Bankman-Fried's cryptocurrency trading firm.
Photo illustration: Sarah Grillo/Axios. Photo: Eva Marie Uzcategui/Bloomberg via Getty Images
One $16 million batch of funding from Alameda was used in part to finance the purchase of an apartment in the Bahamas for Block CEO Michael McCaffrey, according to sources familiar with the transactions.: McCaffrey has resigned as CEO and is leaving the company, The Block's chief revenue officer Bobby Moran confirmed to Axios on Friday. McCaffrey is also stepping down from its board.
McCaffrey has been the sole board member for the company since April 2021. Moran said he will join The Block's board, which will also add two more seats.In April 2021, McCaffrey led aof The Block's investors, making the firm 100% owned by its employees, with McCaffrey holding a majority stake. LLCs controlled by McCaffrey received a total of three loans from Alameda, some of which may be convertible into equity in the company.
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