The Block CEO Resigns After Failure To Disclose Loans From SBF

After failing to disclose a number of loans from disgraced former FTX founder Sam Bankman-Fried’s Alameda Research for a while, The Block CEO Michael McCaffrey resigned from his position on December 9.

According to Michael McCaffrey’s Tweet, he was the only person with knowledge of the funding at the company.

McCaffrey obtained three loans, the first of which was $12 million and it was used in 2021 to buy out other investors from the provider of cryptocurrency news, statistics, and research. The second loan of $15 million had been made in January, which was used to help fund daily operations before an additional $16 million was borrowed to buy private property in the Bahamas.

His resignation is the most recent in the line of business losses related to the collapse of Bankman-Fried’s crypto empire. Besides, Bobby Moran, The Block’s Chief Revenue Officer, will step into the role of CEO. Prior to The Block, Bobby was the Chief Revenue Officer at POLITICO and the online educational service, EverFi.

Additionally, McCaffrey will leave his position as CEO as well as the company’s board, which will now have three members. The business is currently looking to add two more people to the extended group to join Moran. However, McCaffrey remains the company’s majority shareholder

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