{"id":15321,"date":"2022-12-09T23:01:37","date_gmt":"2022-12-09T23:01:37","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/report-shows-crypto-news-publication-the-block-was-secretly-funded-by-bankman-frieds-alameda-bitcoin-news\/"},"modified":"2022-12-09T23:01:37","modified_gmt":"2022-12-09T23:01:37","slug":"report-shows-crypto-news-publication-the-block-was-secretly-funded-by-bankman-frieds-alameda-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/report-shows-crypto-news-publication-the-block-was-secretly-funded-by-bankman-frieds-alameda-bitcoin-news\/","title":{"rendered":"Report Shows Crypto News Publication The Block Was Secretly Funded by Bankman-Fried’s Alameda \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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On Dec. 9, 2022, Axios reporter Sara Fischer reported on the CEO of the crypto media The Block after it was discovered that the chief executive was secretly funded by Alameda Research, the now-defunct trading firm co-founded by Sam Bankman-Fried. According to the report, sources say The Block executive Michael McCaffrey received $16 million in one payment and used the funds to purchase an apartment in the Bahamas.<\/strong><\/p>\n

The Block CEO Received 3 Payments of $43 Million From Alameda Research, One Payment Used to Purchase an Apartment in the Bahamas<\/h2>\n

The Twitter community has been discussing a new revelation that is tied to the disgraced FTX co-founder Sam Bankman-Fried<\/a> (SBF) and his quantitive trading firm Alameda Research. Reportedly, The Block was funded by Alameda for more than a year, and \u201cone $16 million batch of funding\u201d went toward an apartment in the Bahamas.<\/p>\n

The news was reported on by the Axios reporter Sara Fischer on Dec. 9, 2022, and the reporter noted that The Block employees got wind of the situation just before the exclusive report<\/a> was published.<\/p>\n

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The Block chief executive officer Michael McCaffrey.<\/figcaption><\/figure>\n

Axios noted that The Block\u2019s chief revenue officer, Bobby Moran, will take over the CEO role as Fischer said \u201cMcCaffrey has resigned as CEO and is leaving the company.\u201d Moran plans to restructure The Block, and attempt to \u201cbuy out McCaffrey\u2019s stake in the company.\u201d The news was confirmed by a number of The Block\u2019s employees on Friday via Twitter.<\/p>\n

\u201cI\u2019m absolutely gutted by this news, which was briefed to the company this afternoon,\u201d The Block\u2019s Frank Chaparro tweeted<\/a>. \u201cUnderpinning my shock are feelings of utter disgust and betrayal by Mike\u2019s actions, greed, lack of disclosure. He\u2019s literal scum. He kept every single one of us in the dark.\u201d<\/p>\n

The former CEO of the media company, Mike Dudas, tweeted that the news was \u201cHorrifying.\u201d \u201c[I am] devastated beyond belief,\u201d Dudas said<\/a>. \u201cI was given less than an hour\u2019s heads up by the CEO of The Block. If you think you\u2019re shocked, I\u2019m literally lost right now.\u201d<\/p>\n

The Block\u2019s VP of research Larry Cermak also tweeted<\/a> about the situation. \u201cLast few months really can\u2019t get much worse,\u201d Cermak wrote. \u201cGot f***ed by FTX (after naively trusting them like a complete idiot) and now also got f***ed by the CEO. Just like everyone else at The Block, I just found out about this,\u201d the researcher added.<\/p>\n

The Block Reports on Firm\u2019s CEO, Story Follows Alleged Circle of Coindesk Buyers<\/h2>\n

The Block also published an article about the story which cites a statement made by Bobby Moran. \u201cNo one at The Block had any knowledge of this financial arrangement besides Mike,\u201d Moran explained in a statement<\/a>.<\/p>\n

\u201cFrom our own experience,\u201d Moran added. \u201cWe 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.\u201d According to The Block\u2019s own data, McCaffrey received three loans which added up to roughly $43 million.<\/p>\n

The news concerning The Block\u2019s funding follows the report<\/a> published by Semafor that explained the crypto news publication Coindesk received takeover solicitations from a number of investors. Interestingly, Coindesk published a report<\/a> that had been cited by many (including Wikipedia) as one of the fires that lit the FTX bonfire.<\/p>\n

The FTX contagion hurt a number of associated businesses and Coindesk\u2019s parent firm Digital Currency Group (DCG) was indirectly exposed to the blowout<\/a>. Semafor\u2019s Bradley Saacks and Liz Hoffman cited the FTX contagion spread to DCG and quoted DCG\u2019s founder Barry Silbert in the article. In addition, Semafor itself was funded<\/a> by FTX co-founder SBF, and Tesla\u2019s Elon Musk recently slammed<\/a> Semafor\u2019s journalistic integrity over the funding from the disgraced crypto CEO.<\/p>\n

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\nTags in this story
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alameda<\/a>, Alameda Research<\/a>, Alameda SBF<\/a>, Alameda The Block<\/a>, Axios<\/a>, Bobby Moran<\/a>, CoinDesk<\/a>, Crypto Media<\/a>, DCG<\/a>, Frank Chaparro<\/a>, FTX bonfire<\/a>, FTX collapse<\/a>, Journalists<\/a>, Larry Cermak<\/a>, Media<\/a>, Mike Dudas<\/a>, Mike Dudas statement<\/a>, Sara Fischer<\/a>, sbf<\/a>, SBF story<\/a>, Semafor<\/a>, statements<\/a>, The Block Media<\/a><\/div>\n<\/div>\n

What do you think about the news that shows the crypto publication The Block was funded by Alameda for more than a year with $43 million? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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