AXIOS: SBF Secretly Sponsored The Block For Over 1 Year Through Its CEO

SBF is said to have secretly funded the crypto media site The Block for more than a year through a transfer of funds to its chief executive officer. The Block CEO announced his resignation after revealing a $43 million loan from Alameda.

According to exclusive information from AXIOS, The Block, an independent crypto media company, has been secretly funded for over a year with the funds being transferred to its CEO from Sam Bankman-Fried’s cryptocurrency trading company.

As was updated in an earlier Coincu News article, The Block CEO Michael McCaffrey announced his resignation after discovering the loan from Alameda Research by former FTX founder Sam Bankman-Fried.

As previously reported by AXIOS, the company is not profitable, its revenue mainly from advertising and subscriptions, is expected to be around $20 million this year, a source told Axios.

As is known, Michael McCaffrey is the only person aware of this grant to the company. On its disclosure page, The Block writes, “it is critical that The Block is fully transparent about our own financial holdings so as to avoid any appearance of bias or impropriety. The most valuable asset that we hold and strive to earn again every day is our reader’s trust.”

McCaffrey received three loans, the first of which was worth $12 million and was used in 2021 to acquire other investors from the news provider, cryptocurrency statistics and research. A second $15 million loan was made in January, which was used to finance day-to-day operations before an additional $16 million loan to purchase private property in Bahamas.

The Block Chief Revenue Officer Bobby Moran confirmed to Axios on Friday. McCaffrey is also leaving his board. Next, Moran said all senior leaders are staying with the organization and the company will continue to operate and publish.

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