The editorial staff was blindsided by the news.
And having funding from within the industry is not, by itself, unusual, although it can put outlets in tricky positions, as we noted aboutAccording to Moran, taking out a loan from SBF and not disclosing it showed a serious lack of judgment and “undermines The Block’s reputation and credibility, especially that of our reporters and researchers, as well as our efforts at industry-leading transparency.
” It’s now been revealed that $12 million of the funds used for the move came from Alameda Research, Bankman-Fried’s investment company. That money, along with the rest of the funds paid over the next year or so, was sent via LLCs owned and controlled by McCafferty, according to Moran.will keep operating, though its financial future may be stormy. The company is looking to buy out McCaffrey’s ownership, and it’ll obviously no longer be getting money from FTX or Bankman-Fried .
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