The Block CEO Resigns after Failure to Disclose Loans from SBF's Alameda

Crypto media platform The Block announced that their CEO, Michael McCaffrey, resigned after failing to disclose a series of loans from disgraced former FTX head Sam Bankman-Fried's Alameda Research. Bobby Moran, The Block's chief revenue officer, will step into the role of CEO, effective immediately. In addition to stepping down as CEO, McCaffrey will step down from the company’s board, but remains the company’s majority shareholder.

Mike McCaffrey received three loans in total, the first of which was in the amount of $12 million and was used in 2021 to buy out other investors in the crypto news, data and research provider. He took over day-to-day operations as the CEO at that time. A second $15 million loan in January was used to help fund day-to-day operations, while another $16 million earlier this year was used to purchase personal real estate in the Bahamas.