Bobby Moran, the new CEO, said there was no evidence that Mike McCaffrey had influenced the coverage of Sam Bankman-Fried, FTX, or Alameda Research on the news site.
The chief executive officer position at the Block has been taken over by Bobby Moran, who was previously the editor of the website.
In a Dec. According to the 9 announcement, McCaffrey made an executive decision to restructure The Block in 2021, which involved two loans totaling $27 million from Alameda Research, a hedge fund part of former CEO Sam Bankman-Fried’s FTX Group.
The third $16-million loan was used to purchase property in the Bahamas.
As indicated by Moran, the previous CEO of The Block neglected to reveal the credits to the site’s initiative group, illustrating “a serious absence of judgment. Moran said that no one at The Block knew about the financial arrangement.
We have seen no evidence that Mike ever tried to influence the newsroom or research teams in their coverage of SBF, FTX, and Alameda Research.
He became CEO in April 2020 after isolated residencies as COO and head of staff at the platform. The former CEO is said to have led the charge in buying out non-employee shareholders, leading to a majority stake in the site.
The editor-at-large of The Block said he was gutted by the news.
I am shocked by Mike’s actions, greed, and lack of disclosure.
He’s a scum.
He kept us in the dark.
The platform’s page on financial disclosures stated that they were fully transparent about their own financial holdings so as to avoid any appearance of bias or impropriety.
The Block’s VP of research posted a list of Alameda Research’s investments to his account.
6 included two loans to the platform, but did not reveal financial ties between the news site and the hedge fund.
“Mike never asked me or anybody in exploration to cover FTX or SBF in a specific manner,” said Cermak.
Or anyone else.
We were free to do our jobs.